Which one of the following statements is correct with respect to the composition of national income in India?

The composition of India's national income has undergone a significant structural transformation since independence. Historically, the share of the agriculture sector in India's GDP was approximately 55% in 1950-51, but it has steadily declined to around 15-18% in recent years [4]. Conversely, the services sector has seen a sharp and rapid increase, growing from roughly 30% at independence to over 54% of the total Gross Value Added (GVA) by 2024-25 [1]. While the industrial sector's share initially rose from 15% to nearly 30%, it has remained relatively stagnant or sluggish in recent decades compared to the dynamic growth of services [5]. This 'service-led growth' is a unique feature of the Indian economy, where the transition bypassed the traditional manufacturing-heavy phase seen in other developing nations [2].

Sources

1. [1] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 6: Indian Economy [1947 – 2014] > 6.5 Economy Jumped from Agriculture to Services > p. 220
2. [4] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 10: Agriculture - Part I > 10.2 Agriculture in India: A brief history > p. 302
3. [3] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 12: Indian Industry > CURRENT TREND IN INDUSTRIAL SECTOR > p. 376
4. [5] https://www.elibrary.imf.org/view/journals/001/2024/138/article-A001-en.xml
5. [2] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 7: Indian Economy after 2014 > 7.2 Manufacturing > p. 228