Exploring the Indian Economy

What were the key features of the Economic Reforms of 1991?

• Isolation from global markets

• Higher import tariffs

• Increased government control over industries

• Liberalization, privatization, globalization, reduction of import tariffs, deregulation, and encouragement of foreign investment.

How does the agricultural sector contribute to India's GDP?

• The agricultural sector contributes approximately 15-20% to India's GDP.

• The agricultural sector accounts for less than 5% of India's GDP.

• Agriculture has no impact on India's GDP.

• The agricultural sector contributes over 30% to India's GDP.

What factors have contributed to the growth of the service sector in India?

• Government regulations on service prices

• Decline in manufacturing jobs

• Economic liberalization, foreign investment, technology advancements, growing middle class, and IT sector growth.

• Increased agricultural production

What role does Foreign Direct Investment play in India's economy?

• FDI leads to capital outflow and job losses in India.

• FDI contributes to capital inflow, job creation, technology transfer, and economic growth in India.

• FDI has no impact on technology or economic growth in India.

• FDI primarily benefits foreign companies without affecting the local economy.

What are the recent trends in India's GDP growth?

• India's GDP growth is projected at 6-7% for the fiscal year, supported by strong domestic consumption and recovery in key sectors.

• India's GDP growth is expected to exceed 10% this year.

• GDP growth is stagnant at 0% with no recovery in sight.

• India's GDP is declining at 2% due to global recession.