Write the role of tertiary sector in indian economy
Answers
Answer:
Tertiary sector is mainly for transporting goods of primary sector like agriculture to secondary sector like industries and supporting the latter...
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Answer:
The tertiary sector includes service industry and it holds the highest importance among all sectors. The tertiary sector of economy involves the provision of services to business as well as final consumers. Services may involve the transport, distribution and sale of goods from producer to consumers as may happen in wholesaling and retailing, or may involve the provision of a service, such as in pest control or entertainment. The tertiary sectors account for 51% of the GDP.
Service sector
The tertiary sectors may include insurance, bankin and transport. The higher the productivity in primary and secondary sector and lower the employment in these sectors, the better it is. People need more and more services for leading qualitatively better lifestyle. They need more means of transport, more communication and educational facilities, more training, more medical facilities, entertainment, technical facilities, banking facilities and so on.
Tertiary sector depends on scientific research and innovative developments to increase productivity and it provides engineering and construction consultancy support services for all projects in all sectors. Developed countries employ more than 80% the services sector.
India is the fifteenth largest country in the world in terms of services' output. This sector provides employment to 23% of the workforce and is the fastest growing sector, with a growth rate of 7.5% in 1991–2000 up from 4.5% in 1951–80. It has the largest share in the GDP, accounting for 53.8% in 2005 up from 15% in 1950.
Business services like information technology, information technology enabled services, business process outsourcing contribute to one third of the total output of services in 2000.
The growth in the IT sector is due to the availability of a large pool of low cost and highly skilled, educated and fluent English-speaking people. Foreign clients have also expressed their interest in outsourcing much of their operations to Indian excellent infrastructure in the service sector and the lowest communication cost has helped India to be a dominant player in these sectors.
Private Insurance companies like ICICI, Max New York, Bajaj alliance, Kotak Mahindra, Met Life are providing life insurance, general insurance, medical insurance also.