A sustainable growth rate: At what level will India have no output gap?

In the past four decades and more, the structure of India’s economy has changed quite dramatically. Compared to 1980-81, using current prices, the share of “agriculture and allied activities” has dropped from 38 per cent of GDP to 21 per cent, while that of services has grown from 37 per cent to 53 per cent. That of industry (including construction and utilities) has remained more or less unchanged at 26 per cent. So agriculture, the slowest-growing segment of the economy, has shrunk relative to the others, while the services sector (the fastest-growing) has become the dominant one.

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