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Composition of India's total production of foodgrains and commercial crops, in 2003–04, by weight. India ranks second worldwide in farm output. Agriculture and allied sectors like forestry, logging and fishing accounted for 18.6% of the GDP in 2005, employed 60% of the total workforce [13] and despite a steady decline of its share in the GDP, is still the largest economic sector and plays a ...
The government launched several initiatives to address these shortages, including converting public buildings into COVID-19 care centers and increasing domestic production of medical supplies. Unfortunately, the second wave of COVID-19 hit India in April 2021, resulting in even higher numbers of cases and deaths than the first wave.
The Journal of Economic Literature classification codes associate political economy with three sub-areas: (1) the role of government and/or class and power relationships in resource allocation for each type of economic system; [15] (2) international political economy, which studies the economic impacts of international relations; [16] and (3 ...
[3] The reform process had significant effects on the Indian economy, leading to an increase in foreign investment and a shift towards a more services-oriented economy. The impact of India's economic liberalisation policies on various sectors and social groups has been a topic of ongoing debate.
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 119th by GDP (PPP). [58]
In 1985, the Indian government created the Ministry of Environment and Forests. This ministry is the central administrative organisation in India for regulating and ensuring environmental protection. Despite the active passage of laws by the central government of India, the reality of environmental quality mostly worsened between 1947 and 1990.
A government budget is prepared by the Central government or other political entity. In most parliamentary systems, the budget is presented to the legislature and often requires approval of the legislature. The government implements economic policy through this budget and realizes its program priorities. Once the budget is approved, the use of ...
"From the economy's point of view, the lockdown undoubtedly looks costly right now, but compared to the lives of Indian citizens, it is nothing" (translation, original in Hindi). [76] A new set of guidelines for the calibrated opening of the economy and relaxation of the lockdown were also set in place which would take effect from 20 April. [77]