GDP is Gross domestic Product.
As clear from the name final goods and services produced within a country in a given period of time.
GDP = private consumption + gross investment + government spending + (exports − imports),
Below are the major sectors for calculating GDP:-
1. Agriculture and Allied Services:-
Agriculture is main Part of our GDP. Agriculture and allied services consists of forestry, logging and fishing. Which contributes in a big way to every country. Countries like India which are on development stage are highly dependent on this Sector as natural resources are very few in India and they had lot of Agriculture land available in India. Agriculture is backbone of India economy. In India Agriculture contributes almost 13-18% and employs 51% workforce.
2. Industries:-
Without well established industries no country will grow. Without Industries agricultural will not grow as no takers of Agriculture produced. Also a lot manpower will get employed in industries thus reduces poverty and raises per capita income. In India Industries contribution in GDP varies from 20-25% and employs almost 30%.
3. Mining:-
Mining also plays a important part in GDP where natural resources are available. If any country has natural resources and are not utilized properly then that country always remains dependent on other countries. e.g. in Australia where there are huge resources of coal so that country GDP is highly dependent on coal so Mining plays a very important part in Mining.India is producing 79 different minerals.including iron ore, manganese, mica, bauxite, chromite, limestone, asbestos, fluorite, gypsum, ochre, phosphorite and silica sand.
4.Service Sector:-
In this sector Major contributor are IT sector for India where was huge upscale has been seen in past years. Information technology and business process outsourcing are among the fastest growing sectors in India. They also main contributor to economy.It contributes almost 7-10% in Indian GDP now and provides huge employment approximately 25-30%.
5. Tourism :-
Now Tourism also become an important sector in GDP for India. It contributes 5-7% in Indian economy now. Also 6-10% are employed in this sector.