Question

why is tertiary sector called service sector? why its importance is increasing day by day.

Answer 1

The service sector represents a significant part of the national economy of modern economies – organizations providing services (service providers) create in developed countries about 60% of GDP and this share is still growing. The position of the service sector in selected EU countries, see Further information and sources.

The service sector includes, in fact, all organizations (other than manufacturing organizations, industrial raw materials and agriculture) that by their subject of their work or entrepreneurship fit in at least one of the services branch:

Answer 2

Because the product of the sector is service such as hospitality, medical care, travel, banking and so on unlike the secondary sector products like essential goods, consumption goods, machinery or primary sector products like food and crafts.

Tertiary sector has become important in India because :
(i) Basic services like hospitals, education, post and telegraph, courts, etc. are the responsibility of the government in developing countries.
(ii) Demand for services such as transport, trade, storage will increase with the development of primary and secondary sectors.
(iii) Demand for tourism, shopping, private schools, private hospitals, etc. increases with the increase in the level of income.
(iv) Rapid growth of services sector also benefitted from external demand such as software industry and call centre services.
(v) Liberalisation of financial sector provided an environment for faster growth of financial services.

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