Which Sector has emerged as the largest producing sector in India replacing Primary sector? State the reasons behind it.
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The tertiary sector has emerged as the largest producing sector in India replacing the primary sector. This sector has a big contribution to the growth of Indian economy. The GDP share of the tertiary sector has grown from around 40% in 1973 to more than 50% in 2003. 13..
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The Tertiary sector has emerged as the largest producing sector in the Indian economy in the last decade because
- Demand for Tertiary sector activities like transport, storage and trade have increased substantially with the development of the Primary and Secondary sectors.
- Increasing requirement of software exports from abroad creates a boom in call centers is there.
- With increase in the income levels of the people, demand for tourism, shopping, education and other services has increased.
- Liberalization of the financial environment has fueled faster growth in financial services.
- Basic services of education, healthcare and communications require a large number of people to be engaged in these Tertiary sector activities.
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