Question

Explain the classification of Indian economy and the criteria used for such a classification.

Answer 1

Answer:

In terms of the national economy, a basic classification of economic sectors, broken into four basic sectors is used:

Raw Materials (Primary Sector)

Manufacturing and Industry (Secondary Sector)

Service Sector (Tertiary Sector)

Knowledge Sector (Quarternary Sector)

Answer 2

The classification of Indian economy into different sectors is based on functionality or economic activities.

Explanation:

• Indian economy is classifieds as a mixed economy and is divided into the three main sectors as primary, secondary, and tertiary.  

• This is called as three sectors model and is based on the economic activities performed such as raw material, manufacturing, and services.  

• The primary sectors can be organized and unorganized based on employability. The secondary sector is the industrial sector consists of blue-collar workers and produces finished goods from the raw materials. Examples of mills producing textiles.

• The tertiary sector consists of services that include banking insurance, travel, and finance. They don't produce goods but aid in the production of other services.

• The tertiary activities are divided into Quinary activities that involve innovation.

• The quaternary sectors consist of research and development, advancement in the field of science and technology.

Learn more about the classification of Indian economy and the criteria used for such a classification.

• brainly.in/question/12378104 answered by   ashutosh237549.