After liberalization India has undergone structural change in its economy In this context which of t...........

Economic Affairs Planning in India

After liberalization, India has undergone structural change in its economy. In this context, which of the following statements best describes ‘structural change’?

Change in labour force participation rate

Change in the production pattern of basic goods

Change in the contribution of different sector of economy

Change in demographic characteristics

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Explanation:

Structural change represents the fundamental changes that occurring in the basic features of the economy over a long period.
Development is described as growth plus structural changes. Structural changes constitute to the most important part of development.
Structural changes refer to long term and persistent shifts in the sectoral composition of economic systems.
Structure of an economy refers to the fundamental features of the economy like the size of the primary, secondary and tertiary sectors in terms of their contribution to GDP and employment. Other important elements of structure are trade composition (the items that we export and import), saving GDP ratio (level of savings as a percent of GDP) etc.

Hence option 3rd is correct.