Highlight any 3 factors responsible for the growth of service sector in the Indian economy?
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The tertiary sector is becoming more important in India because-
1. In any country several basic services like transport, bank, insurance, educational institutions etc are required and the government has to take the responsibility for the provision of these services.
2. The development of agriculture and industry lead to the development of services such as transport, trade, storage etc.
3. As income level rises, certain section of people started demanding many services like eating out, tourism, private hospital etc.
4. Certain new services such as those based on information and communication technology have become important and essential.
1. In any country several basic services like transport, bank, insurance, educational institutions etc are required and the government has to take the responsibility for the provision of these services.
2. The development of agriculture and industry lead to the development of services such as transport, trade, storage etc.
3. As income level rises, certain section of people started demanding many services like eating out, tourism, private hospital etc.
4. Certain new services such as those based on information and communication technology have become important and essential.
Answered by
111
ANSWER
The major factors responsible for high growth of the service sector are as under :
(i) Development of means of transport and com-munication due to globalization.
(ii) Development of banking and insurance sector
due to the policy of privatization.
(iii) Expenditure on the development of infrastructure.
Hope it will help you :)
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