Structural Transformation Process in the Indian Economy:

The structural transformation process in the Indian economy refers to the shift in the relative importance of different sectors, namely agriculture, industry, and services, over a period of time. It is an essential aspect of economic development as it leads to a more diversified and modern economy.

Option B: Direct jump from agriculture to services with later contributing more to the GDP:

This option accurately describes the peculiar nature of the structural transformation process in the Indian economy. India has witnessed a significant shift from agriculture to services, bypassing the traditional industrialization phase observed in many other countries.

Explanation:

1. Agriculture sector:
- Historically, India's economy was primarily agrarian, with a majority of the population engaged in agriculture.
- Agriculture has played a crucial role in the country's economy, contributing to employment, food security, and export earnings.
- However, over time, the sector has faced several challenges such as low productivity, fragmented land holdings, climate change, and lack of modernization.

2. Services sector:
- In recent decades, India has experienced a rapid growth of the services sector, including IT-enabled services, business process outsourcing, banking, finance, retail, healthcare, and tourism.
- This growth has been fueled by factors such as globalization, advancements in technology, skilled labor force, and increasing domestic and international demand.
- The services sector has become a significant contributor to India's GDP, employment, and foreign exchange earnings.

3. Skipped industrialization phase:
- Unlike many other developing countries, India has witnessed a direct jump from agriculture to services, bypassing the traditional industrialization phase.
- Industrialization, which typically involves the transition from agriculture to manufacturing as the main driver of economic growth, has been relatively slower in India.
- The share of manufacturing in India's GDP has remained stagnant, while the services sector has expanded rapidly.

4. Reasons for the direct jump:
- Several factors have contributed to the direct jump from agriculture to services in India.
- The services sector has been able to absorb a large number of workers due to its labor-intensive nature and relatively lower capital requirements.
- Additionally, the services sector has benefited from India's demographic dividend, with a young and educated workforce that is well-suited for service-oriented jobs.
- Moreover, the liberalization of the Indian economy in the 1990s opened up opportunities for foreign investment and encouraged the growth of the services sector.

Conclusion:

In summary, the structural transformation process in the Indian economy is characterized by a direct jump from agriculture to services, with the services sector later becoming the major contributor to the GDP. This unique transformation has been driven by various factors such as globalization, technological advancements, skilled labor force, and favorable policy reforms. However, it is important for India to also focus on the manufacturing sector to achieve more balanced and inclusive growth in the long run.