In India,Agriculture still remains the predominant sector in termsof employment and livelihood with more than half of India's workforce engagedin it as a principal occupation. Agriculture still contributes significantly toexport earnings and is an important source of raw materials as well as ofdemand for many industries.
In 2013-14 India achieved a record food grain production of 264million tonnes (MT), beating the previous year's (2012-13) 257 MT, according todata provided by Department of Economics and Statistics (DES). The Indianagricultural services and the agricultural machinery sectors have cumulativelyattracted foreign direct investment (FDI) equity inflows to the tune of US$365.79 million in the period April 2000-September 2014, according to theDepartment of Industrial Policy and Promotion (DIPP).
Manufacturingis the backbone of the economy. Global competitiveness in manufacturing fostersgrowth, productivity and employment and strengthens the agriculture and servicesectors. India has the potential to become a manufacturing hub for textiles,automobiles,steel, metals and petroleum products for the world market.
The General Index for the month of February 2015 stands at 181.3,which is 5.0% higher as compared to the level in the month of February 2014.The cumulative growth for the period April-February 2014-15 over thecorresponding period of the previous year stands at 2.8%.
Some of the importantitems showing high positive growth during the financial year are leather goods,non metallic mineral products, basic metal and alloy industries, textile.
Since thebeginning of the tenth five-year plan, industry and services have acted as twinengines propelling overall growth of the economy.Service sector growthcontinued to be broad based. Among the three subsectors of services, trade,hotels, transport and communication services continued to lead by growing atdouble-digit rates since 2003-2004. Impressive progress in the railwaypassenger network and production of commercial vehicles, rapid addition to theexisting stock of telephone connections, particularly mobiles, growth in thefinancial services (banking, insurance and real estate) and the constructionboom were some of the driving segments of the service sector.