structural changes in primary secondary and tertiary sectors of Indian economy's
Answers
Answer:
1. Changing Sectoral Distribution of Domestic Product:
Change in composition of domestic product or change in national income by industry of origin refers to change in relative significance (share) of different sectors of the economy. Generally, an economy is divided into three major sectors viz. primary, secondary and tertiary sectors.
Economic structure
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Primary sector includes agricultural and allied activities, secondary sector includes manufacturing industries and tertiary sector includes services. With the development process, significance of primary sector declines while that of secondary and tertiary sectors increases. After independence, Indian economy has also experienced such changes.
2. Growth of Basic Capital Goods Industries:
When country attained independence, the share of basic and capital goods industries in the total industrial production was roughly one-fourth.
Under the second plan, a high priority was accorded to capital goods industries, as their development was considered a pre-requisite to the overall growth of the economy. Consequently, a large number of basic industries which produce capital equipment and useful raw materials have been set up making the country’s industrial structure pretty strong.