What is the nature of Garment export industry?? Whether it is Secondary or tertiary sector??
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Answers
The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors of the three-sector theory. The others are the secondary sector (approximately the same as manufacturing), and the primary sector (raw materials).
Product's lifecycle
The service sector consists of the production of services instead of end products. Services (also known as "intangible goods") include attention, advice, access, experience, and affective labor. The production of information has been long regarded as a service, but some economists now attribute it to a fourth sector, the quaternary sector.
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India has been losing its share of the world garment trade over time – it went down from 6% in 2013 to 3.5% in 2016. This article examines the Indian garment industry based on a survey of garment manufacturers in India. It discusses the constraints and nature of competition faced by the industry, and suggests a number of policy changes in order to boost exports.
The garment industry was central to the industrialisation process of many developed countries like Japan, and other newly industrialising countries like South Korea. The benefits of this sector include generation of employment, income, foreign exchange, and export diversification. However, India has been losing its share of the world garment trade over time – it went down from 6% in 2013 to 3.5% in 2016.
Explanation:
The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors of the three-sector theory. The others are the secondary sector (approximately the same as manufacturing), and the primary sector (raw materials).
The service sector consists of the production of services instead of end products. Services (also known as "intangible goods") include attention, advice, access, experience, and affective labor. The production of information has been long regarded as a service, but some economists now attribute it to a fourth sector, the quaternary sector.
The tertiary sector of industry involves the provision of services to other businesses as well as final consumers. Services may involve the transport, distribution and sale of goods from producer to a consumer, as may happen in wholesaling and retailing, pest control or entertainment. The goods may be transformed in the process of providing the service, as happens in the restaurant industry. However, the focus is on people by interacting with people and serving the customer rather than transforming the physical goods