India's transition to service-based economy behind growth surge: Research
New Delhi, July 15 -- India has achieved a progressive growth outlook after the pandemic period, as it was almost over 8 per cent annually between 2021-2024. Over the past three decades, the country had a stable growth rate of 6 per cent annually.
This optimistic growth rate and favourable economic prospects not just lifted millions of people from poverty but also made an economic transition from an agrarian-based economy to a service-sector-focused economy. Unlike some West and East Asian economies, which have initially focused on industrial expansion by drawing labor from the agricultural sector.
India has made strong data-driven growth in terms of PPP (Purchasing Power Parity). Purchasing Power Parity or PPP refers to the economic theory...
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