Question

What are the significance and growth of service sector in modern economic development?

Answer 1

It provides services to other two sectors namely Primary (Agriculture) sector and the Secondary (Industrial) sector....like banking, transportation, technology... etc...which helps their development....
May it helped you......

Answer 2

Significance and growth of service sector in modern economic development:

• Share in Net National Product.
• The service sector contributes the maximum share in country’s net national product at factor cost.
• Growth of Industrialisation.
• Expanding Agriculture.
• Develop the agricultural production by providing better network facilities.
• No Regional Imbalances.
• Market growth.
• Increased productivity.
• Growth in trade.
• Sufficient technical education and proper medical facilities.
• Better services in banking and insurance, education and health helps a country for economic development by increasing the quality of life.

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