Question

Give A Breif Discription Of Different Sector Of Indian Economy

Answer 1

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Indian Economy. They are three sectors in the Indian economy, they are; primary economy, secondary economy, and tertiary economy. In terms of operations, the Indian economy is divided into organized and unorganized. While for ownership, it is divided into the public sector and the private sector.

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Answer 2

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Economic Systems and Sectors of India

An economy refers to the way a nation makes economic choices about how the nation will use its resources to produce and distribute goods and services. The Indian Economy was called an underdeveloped economy but slowly become a developing economy but is now referred to as the mixed economy.

An economic system is defined by a way wherein the country’s resources are utilized to produce goods and services in such a manner that these goods and services are distributed for consumption. It is a system that involves production, distribution, and consumption of goods and services between the entities in a particular society.

The economy of India stands as the world’s 12th largest according to the market exchange rates and is also the 4th largest economy on the basis of Purchasing Power Parity. The Indian Economic System was based on the basis of Social Democratic policies from the year 1947 to 1991.  

Economic Sectors

Just like economic systems, there are also economic sectors. The economy is categorized into three sectors, named as –

Primary Sector: Primary Sector refers to that sector which is directly dependent on the environment for manufacturing and production. The main examples of the primary sector are agriculture, fishing, mining, farming, etc.

Secondary Sector: Secondary Sector is that sector that adds value to the product by changing or transforming the raw materials into the valuable product. Some examples of Secondary Sector are Processing, Manufacturing of Steel, and Construction industries.

Tertiary Sector: Tertiary Sector is known as the Service Sector which is involved in the production and exchange of services. Few examples that fall under Tertiary sector are transportation, banking, insurance, communication or any of these services. The most to the GDP of our country is contributed by the tertiary sector.

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