Distinguish between social sector and economic sector
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Answer:
Social sector is an important sector for India’s economy and includes several important component such as education, health and medical care, water supply and sanitation, poverty alleviation, housing conditions etc. that play a vital contribution in human development. Social sector may also refer to the value system of an economy which fosters values such as philanthropy, social business, social entrepreneurship etc. The elements of liberalization and economic reforms have played a key role in the areas of social infrastructure and development. Important aspects of human development are now governed within economic sphere where market and private philanthropy play a vital role. Due to the rapidly globalizing competitive marketplace coupled with the increasing need to expand quality of life at the grassroots level and to spur innovative thought, policy makers in India are slowly but surely setting the social sector on the reform track. The private sector too is not left behind either. Several well-known impact funds and venture philanthropy funds have also shown interest in this unique and emerging business opportunity, which balances investor returns with social responsibilities and aims to uplift communities.
This figure illustrates the percentages of a country's economy made up by different sectors. The figure illustrates that countries with higher levels of socio-economic development tend to have proportionally less of their economies operating in the primary and secondary sectors and more emphasis on the tertiary sector. The less developed countries exhibit the inverse pattern.
