Indian economic system is mixed and we see both capitalism and socialism in it. Before 1991, Indian economic system was socio-democratic based and after the liberalization policies in the year 1991, many sectors were open for private sectors. With the fastest growing economies, India is second fastest in growth rate after China since the last six years.
Indian GDP comprises various sectors and major contribution of 54% comes from service industry, followed by 29% from industrial sector and 17% from agriculture. However, maximum workforce is still employed in agriculture and it amounts a total 60% of the manpower, followed by 28% in service sector and remaining 12% in industry.