Question

Is the territory sector is playing a significant role in development of indian economy explain?

Answer 1

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■》play a central role in the economies of both developed and developing countries. They account for over half of the gross domestic product of all developed economies and constitute the single largest sector in most developing economies.

The service sector comprises Trade, Hotels & Restaurants, Construction, Electricity, Transport, Storage, Communication, Banking, Insurance, Education & Research, Medical & Health, Ownership of Dwellings, Real Estate & Business Services and Other Services (Business Services, Computer & Related Services, Legal Services, Real Estate Activities, Renting of Machinery & Equipments and Social & Personal Services).

Main reasons behind the growth of services include rapid urbanization, the expansion of the public sector and increased demand for intermediate and final consumer services. Access to efficient services has become crucial for the productivity and competitiveness of the entire economy.

The successful growth of the primary and secondary activities in the economy, to a large extent, is dependent on services offered by banking, insurance, trade, commerce, entertainment, maintenance of machinery and equipment and numerous other services categorized as tertiary activities.

Answer 2

ɴᴏ ɪ ᴅᴏɴ'ᴛ ᴀɢʀᴇᴇ ᴛᴏ ʏᴏᴜʀ sᴛᴀᴛᴇᴍᴇɴᴛ ᴛʜᴀᴛ "ᴛᴇʀᴛɪᴀʀʏ sᴇᴄᴛᴏʀ ɪs ɴᴏᴛ ᴘʟᴀʏɪɴɢ ᴀɴʏ sɪɢɴɪғɪᴄᴀɴᴛ ʀᴏʟᴇ ɪɴ ᴛʜᴇ ᴅᴇᴠᴇʟᴏᴘᴍᴇɴᴛ ᴏғ ɪɴᴅɪᴀ ᴇᴄᴏɴᴏᴍʏ”.ᴛᴇʀᴛɪᴀʀʏ sᴇᴄᴛᴏʀ ɪs ᴛʜᴇ ᴍᴀɪɴ sᴇᴄᴛᴏʀ ᴏғ ᴛʜᴇ ɪɴᴅɪᴀɴ ᴇᴄᴏɴᴏᴍʏ.ᴛʜɪs ɪs ᴅᴜᴇ ᴛᴏ ᴛʜᴇ ғᴏʟʟᴏᴡɪɴɢ

ʀᴇᴀsᴏɴs:-

1)ᴛᴇʀᴛɪᴀʀʏ sᴇᴄᴛᴏʀ ɢᴇɴᴇʀᴀᴛᴇ ᴍᴀɴʏ sᴇʀᴠɪᴄᴇs ᴀɴᴅ ᴊᴏʙ ᴏᴘᴘᴏʀᴛᴜɴɪᴛɪᴇs ᴀʟʟ ʀᴏᴜɴᴅ ᴛʜᴇ ᴡᴏʀʟᴅ.

2)ɪᴛ ᴀʟsᴏ ᴄᴏɴᴛʀɪʙᴜᴛᴇs ʟᴀʀɢᴇsᴛ ᴛᴏᴡᴀʀᴅs ᴛʜᴇ ʀᴇϙᴜɪʀᴇᴍᴇɴᴛ ᴏғ ɢᴅᴘ (ɢʀᴏss ᴅᴏᴍᴇsᴛɪᴄ ᴘʀᴏᴅᴜᴄᴇ).

3)ᴛʜᴇ ᴘʀɪᴍᴀʀʏ ᴀɴᴅ sᴇᴄᴏɴᴅᴀʀʏ sᴇᴄᴛᴏʀ,ʙᴏᴛʜ ᴏғ ᴛʜᴇᴍ ᴅᴇᴘᴇɴᴅs ʟᴀʀɢᴇʟʏ ᴏɴ ᴛᴇʀᴛɪᴀʀʏ sᴇᴄᴛᴏʀ.

4)ᴛᴇʀᴛɪᴀʀʏ sᴇᴄᴛᴏʀ ᴅᴏ ɴᴏᴛ ᴘʀᴏᴅᴜᴄᴇ ɢᴏᴏᴅs ʙᴜᴛ sᴜᴘᴘᴏʀᴛs ɪɴ ᴛʜᴇ ᴘʀᴏᴄᴇss ᴏғ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ.

5)ᴀs ᴛᴇʀᴛɪᴀʀʏ sᴇᴄᴛᴏʀ ᴅᴏ ɴᴏᴛ ᴘʀᴏᴅᴜᴄᴇ ɢᴏᴏᴅs ʙᴜᴛ ᴍᴏsᴛʟʏ sᴇʀᴠɪᴄᴇs,ɪᴛ ɪs ᴀʟsᴏ ᴋɴᴏᴡɴ ᴀs sᴇʀᴠɪᴄᴇ sᴇᴄᴛᴏʀ.