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e. Labour in India refers to employment in the economy of India. In 2020, there were around 476.67 million workers in India, the second largest after China. [1] Out of which, agriculture industry consist of 41.19%, industry sector consist of 26.18% and service sector consist 32.33% of total labour force. [1]
In the contemporary world economy, India is the largest exporter of IT. The contribution of the IT sector in India's GDP rose from 1.2% in 1998 to 7% in 2019. Exports dominate the Indian IT industry and constitute about 79% of the industry's total revenue. However, the domestic market is also significant, with robust revenue growth.
COVID-19 pandemic -induced market instability and lockdown. Total Economic Stimulus. ₹ 29.87 lakh crore (equivalent to ₹ 35 trillion or US$440 billion in 2023) [15% of national GDP] (uptil 31 October 2020) Impact. Largest GDP contraction ever in Q2 (April–June) FY2020–2021 at −24%. Sharp rise in unemployment.
According to Alakh Sharma, the causes of high unemployment and under-employment in India are the subject of intense debate among scholars. A group of scholars state that it is a consequence of "restrictive labour laws that create inflexibility in the labour market", while organised labour unions and another group of scholars contest this proposed rationale.
Employees in some sectors may receive gratuities, bonus payments or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, and disability insurance. Employment is typically governed by employment laws, organisation or legal contracts.
The economy of India has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with notable public sector in strategic sectors. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP); on a per capita income basis, India ranked 136th by GDP (nominal) and 125th by GDP (PPP).
Global workforce. Global workforce refers to the international labor pool of workers, including those employed by multinational companies and connected through a global system of networking and production, foreign workers, transient migrant workers, remote workers, those in export-oriented employment, contingent workforce or other precarious ...
Top IT services companies in India in 2022 by market capitalization. In September 2021, TCS recorded a market capitalisation of US$ 200 billion, making it the first Indian IT tech company to do so. On 24 August 2021, Infosys became the fourth Indian company to reach $100 billion in market capitalization.