Indian economy is classified in three sectors Agriculture and allied, Industry and Services. Agriculture sector includes Agriculture, Forestry & Logging, Fishing and related activities. Industry includes Manufacturing, Electricity, Gas, Water supply, and Construction. Services sector includes Trade, repair, hotels and restaurants, Transport, storage, communication & services related to broadcasting, Financial, real estate & prof servs, Community, social & pers. Servs.
Services sector is the largest sector of India. Gross Value Added at current prices for Services sector is estimated at 61.18 lakh crore INR in 2014-15. Services sector accounts for 52.97% of total India's GVA of 115.50 lakh crore Indian rupees. With GVA of Rs. 34.67 lakh crore, Industry sector contributes 30.02%. While, Agriculture and allied sector shares 17.01% and GVA is around of 19.65 lakh crore INR.
At 2011-12 prices, composition of Agriculture & allied, Industry, and Services sector are 16.11%, 31.37%, and 52.52%, respectively.
The Economy of India is the seventh-largest economy in the world measured by nominal GDP and the third-largest by purchasing power parity. The country is classified as a newly industrialised country, one of the G-20 major economies, a member of BRICS and a developing economy with an average growth rate of approximately 7% over the last two decades.
Maharashtra is the wealthiest Indian state and has an annual GDP of US$220 billion, nearly equal to that of Portugal, and accounts for 12% of the Indian GDP followed by the states of Tamil Nadu and Uttar Pradesh. India's economy became the world's fastest growing major economy from the last quarter of 2014, replacing the People's Republic of China.
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