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Nirmala Sitharaman stated that there is a need for a coherent policy where all sectors are open to private sector participation while PSU's play an important role in defined areas. [11] Since financial year 1991-92 to 2017-18 the Government of India sold public assets totalling ₹3,47,439 Crore.
India's interest in space travel began in the early 1960s, when scientists launched a Nike-Apache rocket from TERLS, Kerala. [6] [7] The Indian National Committee for Space Research was subsequently set up, which later became the Indian Space Research Organisation (ISRO) [11] functioning under a new independent Department of Space (DoS) in the 1970s under the Prime Minister of India.
The private sector employs most of the workforce in some countries. In private sector, activities are guided by the motive to earn money, i.e. operate by capitalist standards. A 2013 study by the International Finance Corporation (part of the World Bank Group) identified that 90 percent of jobs in developing countries are in the private sector. [1]
India’s economy is currently worth nearly $3.5 trillion, making it the world’s fifth largest. China’s economy, the world’s second largest, is bigger by almost $15 trillion.
In the contemporary world economy, India is the largest exporter of IT. The contribution of the IT sector in India's GDP rose from 1.2% in 1998 to 7% in 2019. [45] Exports dominate the Indian IT industry and constitute about 79% of the industry's total revenue. However, the domestic market is also significant, with robust revenue growth. [46]
10% of India's GDP is based on construction activity. Indian government has invested $1 trillion on infrastructure from 2012 to 2017. 40% of this $1 trillion had to be funded by private sector. 100% FDI under automatic route is permitted in construction sector for cities and townships. [23] [24] [non-primary source needed] [25]
The economy of India is a developing mixed economy with a notable public sector in strategic sectors. [5] It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP); on a per capita income basis, India ranked 141th by GDP (nominal) and 125th by GDP (PPP). [58]
The economic liberalisation in India refers to the series of policy changes aimed at opening up the country's economy to the world, with the objective of making it more market-oriented and consumption-driven. The goal was to expand the role of private and foreign investment, which was seen as a means of achieving economic growth and development.