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3 Sectors Of Indian Economy
Primary sector of the economy: Involves the extraction and production of raw materials Secondary sector of the economy: Involves the transformation of raw or intermediate materials into goods e.g. manufacturing steel into cars, or textiles into clothing. Tertiary sector of the economy: Involves the provision of services to consumers and businesses, such as baby-sitting, cinema and banking.
Tertiary Sector Of Indian Economy
decreasing trend of employment in primary sector and an increasing trend of employment in tertiary
Major Reasons Of Growth
availability of vast skilled labor dividend emanating from a higher proportion of younger population demand for many professional and consumer services Service-input intensive method of organizing production
growth in the final demand for services. Service activity can also be stimulated by technological advances (IT Sector) Liberalization Role of Foreign Demand
There has been a structural change in the Indian economy since Independence. This is reflected in the change in the sector-wise composition of income and workforce over the years. Most of the growth in services has been in information technology (IT), business process outsourcing (BPO) services and knowledge based activities; other sectors like telecommunications, financial services, community services and hotels and restaurants