The Indian economy is a vast subject to study and it is impossible to make one understand what constitutes the Indian economy, how it functions and what all aspects fall under the subject who has no prior knowledge of India and its economy. In order to get a sense of the Indian economy, we decided to look at it through a household that is economically a middle class. This household consists of Sanjana Sharma the wife, Rohit Sharma the husband, their son Nihal and daughter Priya. Laxmi the house-help is considered as an external part of the household. The family lives in an apartment located in the suburban part of India.
Family history:
Migration of labor force from rural to the suburbs and urban parts of the country has increased over the years. Rohit had to migrate from a small village in Uttar Pradesh because his parents did not want him to face the economic difficulties that they faced from agriculture. So Rohit migrated and started working in the service sector for better income and economic stability. Both Rohit and Sanjana are from the same village. According to the economic survey of 2018 the agriculture sector in India witnessed employment over 50% of the total labor force but still contributes just 17% to 18% to the GDP[1] of the Indian economy giving a reason to migrate from villages to suburbs and urban areas. Census of India conducted a survey for 1991-2001 and the results are quite shocking as 53.3 million people actually migrated in 2001[2].
[1] https://www.financialexpress.com/budget/india-economic-survey-2018-for-farmers-agriculture-gdp-msp/1034266/
[2] http://censusindia.gov.in/Data_Products/Data_Highlights/Data_Highlights_link/data_highlights_D1D2D3.pdf
The Average Indian Household 