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unit-3-growth-and-structural-change

Unit-3 Growth and Structural Change

In this unit, we shall examine the theoretical and empirical evidence that explains the process of economic development by way of a certain pattern of structural change.

What is the nature of change in the share of agriculture in national output and employment between 1950-51 and 2004-05?




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Learning Pundits Content Team

Written on Jun 26, 2019 1:23:41 PM

As expected, the share of agriculture (primary sector) has come down substantially from 57.7% in 1950-51 to 20.90% in 2004-05. The share of secondary sector (industry)was 25.54% in 2004-05. In many comparable economies the secondary sector’s share ranges from 35 to 45 percent. In economic literature, expansion of manufacturing sector is looked upon to play a technically dynamic role. But in India, the expansion of tertiary sector (services)is much faster than that in the manufacturing sector.