Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Indian Economic Development: Liberalisation, Privatisation and Globalisation - An Appraisal

Question:

Growth of GDP and major sectors (in %) -

Sectors 1980-1991 1992-2001 2002-2007 2007-2012 2012-2017 XII plan
          Target I Target II
Agriculture 3.6 3.3 2.3 3.2 4.0 4.2
Industry 7.1 6.5 9.4 7.4 9.6 10.9
Services 6.7 8.2 7.8 10.0 10.0 10.0
Total 5.6 6.4 7.8 8.2 9.0 9.5

Identify which sector has attained the highest growth during reform period till 2012.

Options:

Agriculture sector

Service sector

Industry sector

Secondary sector

Correct Answer:

Service sector

Explanation:

The correct answer is option (2) : Service sector

To determine the average growth rates of different sectors from 1992 to 2012, we will calculate the average for each period provided (1992-2001, 2002-2007, and 2007-2012).

Growth Rates from 1992 to 2012

Agriculture Sector:

  • 1992-2001: 3.3%
  • 2002-2007: 2.3%
  • 2007-2012: 3.2%

Average Growth Rate for Agriculture (1992-2012): 2.93%

Industry Sector:

  • 1992-2001: 6.5%
  • 2002-2007: 9.4%
  • 2007-2012: 7.4%

Average Growth Rate for Industry (1992-2012): 7.77%

Services Sector:

  • 1992-2001: 8.2%
  • 2002-2007: 7.8%
  • 2007-2012: 10.0%

Average Growth Rate for Services (1992-2012): 8.67%

Summary:

  • Agriculture Sector: 2.93%
  • Industry Sector: 7.77%
  • Services Sector: 8.67%

Conclusion:

The sector with the highest average growth rate from 1992 to 2012 is the Services Sector, with an average growth rate of approximately 8.67%.