Industrial Development

 India is fourteenth in the world in factory output. Manufacturing sector in addition to mining,

quarrying, electricity and gas together account for 27.6% of the GDP and employ 17% of the total workforce.

The Indian Agricultural Research Institute (IARI),

established in 1905, was responsible for the research leading to the "Indian Green Revolution of the 1970s.
The Indian Agricultural Statistics Research Institute

develops new techniques for the design of agricultural experiments, analyses data in agriculture, and specializes in statistical techniques for animal and plant breeding.

 India is the eleventh-largest economy in the

world and the fourth largest by purchasing power parity adjusted exchange rates (PPP).
 On per capita basis, it ranks 128th in the world

or 118th by PPP.
 India is fifteenth in services output.

States have large responsibilities over their economies. The annualized 1999-2008 growth rates for Gujarat (9.6%), Haryana (9.1%), Delhi (8.9%) Bihar (5.1%), Uttar Pradesh (4.4%), Madhya Pradesh (6.5%).

Out of the carnage of the Great Depression and World War II rose the idea of gross domestic product, or GDP: the ultimate measure of a country's overall welfare, a window into an economy's soul, the statistic to end all statistics. Its use spread rapidly, becoming the defining indicator of the last century. But in today's globalized world, it's increasingly apparent that this Nobel-winning metric is too narrow for these troubled economic

1937: Simon Kuznets, an economist at the National Bureau of Economic Research, presents the original formulation of gross domestic product in his report to the U.S. Congress, "National Income, 1929-35." His idea is to capture all economic production by individuals, companies, and the government in a single measure, which should rise in good times and fall in bad. GDP is born. y 1944: Following the Bretton Woods conference that established international financial institutions such as the World Bank and the International Monetary Fund, GDP becomes the standard tool for
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sizing up a country's economy.

y 1959: Economist Moses Abramovitz becomes one of the

first to question whether GDP accurately measures a society's overall well-being. He cautions that "we must be highly skeptical of the view that long-term changes in the rate of growth of welfare can be gauged even roughly from changes in the rate of growth of output." y 1962: But GDP evangelists reign. Arthur Okun, staff economist for U.S. President John F. Kennedy's Council of Economic Advisers, coins Okun's Law, which holds that for every 3-point rise in GDP, unemployment will fall 1 percentage point. The theory informs monetary policy: Keep growing the economy, and everything will be just fine.

2001: The bursting of the tech bubble and the 9/11 attacks send the U.S. economy into a temporary tailspin. During the subsequent recovery, something unexpected happens: Although GDP rises between 2002 and 2006, personal incomes fall. y September 2006: China creates a new index for "green GDP" -- a measure of national economic output that takes environmental factors into consideration. The first report finds that environmental damage, had it been accounted for, would have knocked 3 percent off China's GDP in 2004.
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September 14, 2009: The French government releases a report, coauthored by Nobel Prize-winning economist Joseph Stiglitz, that calls for an end to "GDP fetishism." y November 15, 2010: British Prime Minister David Cameron's government announces that it will, for the first time, survey happiness in addition to other economic measures. Who knew austerity would be so warm and fuzzy?
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