Question

which was the largest good and servicing providing sector in 1970- 1971 what is its importance for Indian economy

Answer 1

Tertiary sector or the service sector composes almost 50% of India's population. The young generation studies hard, get good marks and then simply hunt for a good and secure job. The reasons why this sector is gaining importance can be summed up in following points:

1. The need for tertiary is increasing as there is more need of services like financial institutions, educational institutions etc. in Indian economy.

2. The tertiary sector accounts for most of the national and per capita income of India.

3. The tertiary sector created huge employment even for the uneducated and unskilled workers.

4. The tertiary sector is responsible to distribute its services and goods to different consumers.