Question

What is the importance of economic activities in the development of a country ? Explain the role of all three sector

Answer 1

The service sector accounts for a significant proportion of GDP in most countries, includinglow income countries, where it frequently generates over 50% of GDP. The process of development usually coincides with a growing role of services in the economy (alongside a reduced role for agriculture).

Answer 2

Importance of economic activities in the development of the country:

• Economic development is a process of directed activities and programs that work to develop the economic comfort and quality of life of a community.

• There are chiefly three main sectors of Indian economy; primary, secondary as well as tertiary.

• The role of the primary sector is for the extraction of raw material; the secondary sector is dependent on natural ingredients and is considered the best sector.

• The tertiary sector is a service sector and is contributes the largest in terms of share in GDP in the Indian economy.

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