2 Answers. i) The tertiary sector provides the basic services like public transportation, medical car, electricity ,banking, post office etc under the control of the govt. ii) The tertiary sector creates an huge area for employment even for uneducated and unskilled workers.
What is the role of tertiary sector for development?
Tertiary sector adds onto the employment generation capacity of the economy. of employment with per capita investment when compared to the primary and the secondary sector. 3. Thus , tertiary sector is certainly important for the development of other sectors and the country’s economy.
Is the tertiary sector playing a significant role in the development of Indian economy?
Explanation: No, it is not correct to say that the tertiary sector is not playing any significant role in the development of Indian economy. This sector has a big contribution to the growth of Indian economy. The GDP share of the tertiary sector has grown from around 40% in 1973 to more than 50% in 2003.
How does public sector contribute to the economic development to the nation?
In the following ways Public Sector contributes to the economic development of a nation. i It promotes rapid economic development through creation and expression of infrastructure. iii It generates financial resources for development. iv It ensures equality of income wealth and thus a balanced regional development.
How does tertiary sector contribute to the economy class 10?
By itself, economic activities in tertiary sector do not produce a goods but they are an aid or a support for the production. Goods transported by trucks or trains, banking, insurance, finance etc. come under the sector. It provides the value addition to a product same as secondary sector.
What are the disadvantages of the tertiary sector?
Long-term problems include inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, sizable trade and budget deficits.
Who owns the public sector how does it contribute to the economic 3 development of a nation?
Sectors of the Indian Economy The public sector contributes to the economic development of a nation in the way explained below: (i) Public sector raises money through taxes and other ways to meet expenses on the services like construction of roads, bridges, railways etc. for all people of India.
Which of the following is NOT example of tertiary sector?
Forestry (Option D) is not an example of teritiary sector.
What is the meaning of tertiary production?
Definition: Services that are products for other businesses and consumers both private and public services.
(ii) Development of means of transport and communication : The development of agriculture and industry leads to the development of services such as transport, communication, trade, etc. All these are under the tertiary sector. (iii) More income more services : The per capita income in our country is rising.
Why is the tertiary sector the fastest growing sector?
Tertiary sector is growing rapidly because: (i) India’s economy is growing fast. Several services like hospital, educational institutions,post, telegraph, police, courts, municipality, transport, banks, insurance etc are needed.
What is the tertiary level of economic development?
The tertiary sector is the part of the economy that involves the sale or trade of services instead of goods.
Answer : The tertiary sector is playing a significant role in the development of the Indian Economy. In the year 2003, the tertiary sector replaced the primary sector as the most producing sector in the country. The primary and secondary sectors can only flourish if the tertiary sector is there to support them.
Why is the tertiary sector becoming so important in?
Tertiary sector has become important in India because : (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.
What is the importance of the tertiary sector?
The importance of the Tertiary sector is rising because of the following reasons. (i) This sector provides basic services such as hospitals, educational institutions, post and telegraph services, police stations, courts, municipal corporations, defence, banks, insurance etc.
What is the importance of the tertiary sector to the economy?
The tertiary sector, or service sector, is the anchor of our economy. Professional services, banking, insurance, personal services, restaurants, retail… The majority of our employment is created in this sector.
How is technology changing the tertiary service sector?
New technology has enabled new service sector industries to develop. Computers, telephones have all been developed in the past 100 years. The growth of the internet has enabled a new range of tertiary services. There are some concerns over an economy becoming primarily based on the service sector. The volatility of finance.
Why is the tertiary sector of India rising?
Give reasons for the rising importance of Tertiary sector in India. The importance of the Tertiary sector is rising because of the following reasons.
Who are the members of the tertiary industry?
Gordon is a Chartered Market Technician (CMT). He is also a member of ASTD, ISPI, STC, and MTA. What Is the Tertiary Industry? The tertiary industry is a technical name for the service sector of the economy, which encompasses a wide range of businesses, including financial institutions, schools, hotels, and restaurants.
