Research paper about India. ( How people make a living in india Current countrys economic status - Essay Example

How People Make a Living in India India has a long economic history that reached its climax during the eighteenth century colonization by Britain. Although the country did not have a strong economy before the arrival of the colonizers, the colonialists greatly inspired and influenced Indian economy. Economist anticipates that Indian and Chinese economy will overtake American economies to become world’s economic giants. However, Indian economy relies on the effort of ordinary people who do ordinary things to earn their living.

This essay investigates how Indians earn a living.Agriculture is the main economic activity in the country. India grows and export major food commodities such as rice, sugar, wheat, cotton, and vegetables. The country also produces and export animal agricultural products, which include buffalo milk, eggs, meat, and chicken. Most of Indian farmers are small-scale farmers who grow their crops or rear their animals on small pieces of land. However, the country has favorable climate and soils that support agricultural activities.

The agricultural sector contributes about 16% of the country’s GDP and provides employment opportunity to about 50% of the total Indian population (Department of Revenue web). The agricultural sector provides employment mainly to rural Indian population.The industrial sector is a major contributor to the Indian economy. Currently the sector contributes about 14% to the Indian GDP (Panagariya 453). India is known worldwide as a major manufacturing country. The sector employs about 25% of the Indian population.

Majority of industrial workers live in urban centers and other industrial towns that spread across the country. The Indian industries are recognized worldwide for their production of affordable and long lasting commodities. Indian industries produce products ranging from heavy duty equipment such as steel beams to light duty equipment such as bicycles. Indian industries are also involved in production of pharmaceutical products that are marketed across the globe. Currently the industrial sector is eying the booming technology sector.

The industrial sector provides employment opportunity to both the skilled and unskilled labor force. In addition, the industrial sector has small-scale industries that provide opportunities to thousands of Indians. Cottage industries or home-based industries produce basic commodities for export and domestic market.Indians are known to be business people. Indian are successful business people who have set up businesses in many parts around the globe. The situation is similar in India whereby nearly all people are involved with a particular form of business.

Businesses in India range from large-scale businesses to small-scale businesses operated in local markets (Jayati web). Businesses in the retail sector provide opportunities to a large portion of Indian population.India is endowed with large mineral deposits. The mining sector provides opportunity to 12% of the Indian population. The country is involved with drilling of oil, mining coal, iron, copper, and other precious metals. In India, mining is carried out both in large scale and small-scale basis.

Mining contributes about 8% of the Indian total GDP. This indicates that the sector is a major income earner for the Indian population. In addition, the sector supports other sectors of economy such as the manufacturing industry.In conclusion, India’s economic development has resulted from efforts of ordinary people as they do their daily activities. Farming, manufacturing, mining and provision of service are the main economic activities in India that provide a living to the Indian population.

Works CitedDepartment of Revenue. Income tax department. Incometaxindia. Web 16, April 2012 Jayati, Ghosh. Bank Nationalisation: The Record. Macroscan. 2005. Web 16, April 2012 Panagariya, Arvind. India: The Emerging Giant. Oxford: Oxford University Press, 2008. Print.