The different industry sectors of India witnessed astronomical growth over the last 15 years. This growth of the different industry sectors of India is attributed to the Government of Indian liberal economic policy. Previously, the Indian economy was of closed type and the government enterprises controlled all Indian market. The post 1990 Government of India economic policy endorsed a complete different economic policy and opened its market for foreign investments. This saw a horde of FII making inroads to Indian markets. As a result of which different industry sectors of India made huge progress, both technologically and economically.
The main features of the important sectors of Indian economy, 2007-2008 are as follows:
Indian industry
- 162 production sharing contracts awarded in Petroleum and Natural Gas
- SMEs has witnessed increase in outstanding credit from Rs.135,200 crore to Rs.173,460 crore
Indian service sector
- Foreign Trade and Merchandise exports expected to cross US$125 billion by the end of the current fiscal
- Provision for tourist infrastructure to increase from Rs.423 crore to Rs.520 crore
- General Review of Financial sector development -
- Bank's differential rate of interest scheme providing finance at the rate of 4% to weaker sections
- Regional Rural Banks to open at least one branch in 80 uncovered districts in 2007-08
- Housing loans are extended to the weaker sections
- Exclusive health insurance scheme for senior citizens
- PAN to be made sole identification number for all participants of capital market
Indian agriculture sector
- Farm credit target of Rs.225,000 crore for 2007-08 has been set with an addition of 50 lakh new farmers to the banking system
- 35 projects have been completed in 2006-07 and additional irrigation potential of 900,000 hectares to be created
- Training of Farmers arranged
- Based on study to be conducted, a pilot programme to be implemented for delivering subsidy directly to farmer.
- Loan facilitation through Agricultural Insurance, National Bank for Agriculture and Rural Development
- Corpus of Rural Infrastructure Development Fund to be raised
Investments
- Gross domestic capital formation in 2005-06 grew by 23.7%; in April- January, 2006-07, foreign direct investment amounted to US$12.5 billion and outpaced portfolio investment of US$6.8 billion
- Central Public Sector Enterprises to invest Rs.165,053 crore through internal and extra budgetary resources in 2007-08
Indian infrastructure sector
- Seven more Ultra Mega Power Projects under process
- Provision for National Highway Development Programme to increase from Rs.9,945 crore to Rs.10,667 crore