India, a land of vibrant culture and entrepreneurial spirit, thrives on the ingenuity and resourcefulness of its people. Amidst the bustling streets and urban landscapes, there lies a significant yet often overlooked segment of the economy – home-based enterprises. These businesses, operated from the comfort of one's home or nearby premises, constitute a crucial component of India's economic fabric, contributing to employment, productivity, and overall economic growth. 1. Evolution of Home-Based Workforce Over the past few decades, the landscape of home-based enterprises in India has witnessed both growth and flux. According to data sourced from the National Sample Survey, the number of home-based workers stood at approximately 47.14 million in 2004-05. This figure saw a modest increase to 49.20 million by 2011-12. However, a noticeable decline was observed in 2017-18, with the estimated count dropping to 41.85 million. Despite this fluctuation, home-based work consis
Gross Domestic Product GDP is the final monetary value of the goods and services produced within the country during a specific period, normally a year. Three main sectors that contribute to GDP in India 1. Agriculture 2. Industry 3. Services GDP is measured over market prices and there is a base year for the computation. Nominal GDP is the value of all final goods and services that an economy produced during a given year. GDP can be calculated in three ways, using expenditures, production, or incomes. It can be adjusted for inflation and population to provide deeper insights. In January 2015, the government moved to the new base year of 2011-12 from the earlier the base year of 2004-05 for national accounts. The base year of national accounts had previously been revised in January 2010. In the new series, the Central Statistics Office (CSO) did away with GDP at factor cost and adopted the international p