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Nature, planning, sectors and landmark reforms of the Indian economy — a high-yield quick reference for competitive exams.
| Aspect | Details |
|---|---|
| Nature | Mixed economy (co-existence of public & private sectors) |
| Planning body | Planning Commission (1950–2014); replaced by NITI Aayog (2015) |
| First Five-Year Plan | 1951–56 (based on the Harrod-Domar model; focus on agriculture) |
| Largest sector (GDP) | Services sector (over 50% of GDP) |
| Largest employer | Agriculture sector |
| Economic reforms | LPG reforms of 1991 — Liberalisation, Privatisation & Globalisation |
| Sector | Includes |
|---|---|
| Primary | Agriculture, mining, forestry, fishing |
| Secondary | Manufacturing & industry |
| Tertiary | Services — IT, banking, transport, trade |
| Revolution | Associated with |
|---|---|
| Green Revolution | Foodgrains (wheat & rice) — M. S. Swaminathan |
| White Revolution | Milk (Operation Flood) — Verghese Kurien |
| Blue Revolution | Fish & aquaculture production |
| Yellow Revolution | Oilseeds production |
| Golden Revolution | Horticulture & honey |