'Ahistorical Services Led Growth of India' : An Unsolved Question'

In 2015 and in 2017, India has become world's fastest growing major economy surpassing China. It has also become the third-largest country of the world in terms of ‘GDP by purchasing power parity (PPP)'. This stunning performance of India over the last two decades, especially in face of massive global depression and through the adoption of ‘Liberalisation, Privatisation and Globalisation' (LPG) policies, has drawn attention of the world economists. The question is: Has India followed an apparent ‘ahistorical' path of ‘Services led Growth', in sharp contrast to the ‘Stylized Facts of Growth and Development' prescribed by Kuznets, Clark, Chenery and Taylor? Has India got an alternative prescription of development? Here, we have firstly tried to find out the ‘Structural Break' points of the Indian economy corresponding to the GDP of India and its' sectoral distribution across the primary, secondary and tertiary sectors considering different econometric and input-output methodologies of the Structural Change. Secondly, we have tried to examine the validity of the ‘Ahistorical Services Led Growth' argument of India and tried to address the relevant policy issues in this regard