THE GROSS DOMESTIC PRODUCT (GDP) IN INDIA EXPANDED 7.7 PERCENT IN THE SECOND
QUARTER OF 2011 OVER THE PREVIOUS QUARTER.INDIA'S DIVERSE ECONOMY ENCOMPASSES TRADITIONAL VILLAGE
FARMING, MODERN AGRICULTURE, HANDICRAFTS, A WIDE RANGE OF MODERN INDUSTRIES,
AND A MULTITUDE OF SERVICES. SERVICES ARE THE MAJOR SOURCE OF ECONOMIC GROWTH,
ACCOUNTING FOR MORE THAN HALF OF INDIA'S OUTPUTWITH LESS THAN ONE THIRD OF ITS
LABOR FORCE. THE ECONOMY HAS POSTED AN AVERAGEGROWTH RATE OF MORE THAN 7% IN
THE DECADE SINCE 1997, REDUCING POVERTY BYABOUT 10 PERCENTAGE POINTS.
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