State of Indian Economy

Indian economy is growing fast in last few years. Growth of 9.0% in 2005-2006 and 9.2% in 2006-2007 in GDP. The share of agriculture in GDP is continuously declining and is 18.5% now. The share of industry(26.4%) and services(55.1%) are increasing.

Services contributes 68.6% of overall growth in GDP in last five years. Contribution of industry is less than half of the contribution from services. But industrial sector growth is 10% in 2006-2007. At the same time service sector grows 11.2% and agriculture sector growth is only 2.7%.

What is this numbers means? Two-third of the population of India living in rural areas and depends of agriculture. The recent growth in economy did not improve their lives. Investment in irrigation, better seeds, better yield and productivity gains are required to revitalize the agriculture sector.

The growth of electricity, gas and water supply is only 5 to 7 % in last five years. That is not good enough for an economy growing at this pace.

But the growth in IT services, Tourism and communication are commendable.

Prime minister Dr. Manmohan Singh said, "...growth alone is not enough if it does not produce a flow of benefits that is sufficiently widespread. We, therefore, need a growth process that is much more inclusive ..... and which also ensures access to essential services such as health and education for all sections of the community".

The economic indicators showing we are not moving in that direction.

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