Write the difference between Primary, Secondary and Tertiary Sector
How do GDP is calculated ?Answer :
Gross Domestic Product is calculated by taking The value of final goods and services produced in each sector during a particular year or Financial Year
Define Financial Year.
Financial year is the period between 1st April of the base year to 31st March of the Next year
For Example : The FY of 2021-22 is taken by the 1st April of 2021 to 31st March of 2022
Why is the tertiary sector becoming so important in India? Or How service sector helps overall development of a country ?
Answer
Service sector is the sector of the economy which provide services rather than products. eg. Telecommunication, Profession, Media etc
Service sector becoming so important in India due to the following reasons
01. The basic requirement of any country wants service activities. Such as Hospitals, educational institutions, postal services, police stations, courts, administrative offices, transport, banks etc.
02. Without the development of service activities such as transportation, communication etc Agriculture & Industry may not develop.
03. As income levels rise, certain sections of people start demanding
many more services like eating out, tourism, shopping, private hospitals,
& schools etc lead to growth in service sector
04. Over the past decade certain new services based on information and communication technology have become important and essential. The
production of these services has been rising rapidly.
05. Service activities modernize the country
06. It increase the standard of living through high infrastructural facilities
07. Service sector is the lifeline for the social economic growth of a country
08. Service activity gives physically and mentally satisfy to the people.