India's economy

In 1991 free market ideas were initiated for foreign investment and international competition. From 1947 to 1991 social democratic policies governed India's economy. However a revival of recent reforms and better economic policy have drastically accelerated India's economic growth rate and by 2008 India had established itself as the world's second fastest growing major economy. Due to the financial crisis of 2007 - 2010 India's GDP growth rate significantly slowed down, with unemployment rates rising 

India's large service industry accounts for 57.2% of the country's GDP while the industrial and agricultural sectors contribute 28.6% and 14.6% respectively. Agriculture is the predominant occupation in India, accounting for about 52% of employment. 

Major industries include telecommunications, textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, information technology-enabled services and pharmaceuticals. The labour force totals 500 million workers. Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes, cattle, water buffalo, sheep, goats, poultry and fish and in 2009-2010, India's top five trading partners are United Arab Emirates, China, United States, Saudi Arabia and Germany.