Synopsis
In 1947, agriculture accounted for 54% of India’s GDP. In 2019, it is at about 13%. But at the time of Independence, 60% of India depended on agriculture for a living. In 2017, it is about 52%, or 650 million people, as opposed to about 200 million in 1950. Therein lies the tale of India’s colossal failure to make its tryst with destiny. It still has too many people living off the land.
By Mohan GuruswamyThe Indian economy is now the fifth largest in the world measured by nominal GDP,and the third largest by purchasing power parity (PPP).Its GDP in 1950 was $30.6 billion. In 2020, India’s GDP is $3.02 trillion, or $11.32 trillion (PPP). Its industrial sector accounts for 23.02% of its GDP, employs 25% of the workforce, and India now is rightly classified as a newly industrialised country. Its per-capita income now is $2,338
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