Discuss the role of tertiary sector in economic development
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Please find below the solution to the asked query.
Service sector can be considered as the lifeline for other two sectors of the Indian economy as they they help in the functioning of both primary and secondary sectors. Services like banking, transportation, insurance are required for the successful functioning of other two sectors.
a. The importance and contribution of service sector has grown significantly in developed countries because of increased demands of services like banking,education, transportation, medical which are considered as basic essential service
b. Development in agriculture and industry have also increased the importance of service sector.
c. Rise in income levels which has resulted in increase demand for services like eating joints, private hospitals,shopping, tourism etc
d. Also because of rising demand for IT services., which today has become the buzzword and imperative for country's growth.
Hope this information will clear your doubts about this topic
If you have any more doubts just ask here on the forum and our experts will try to help you out as soon as possible
Regards
Please find below the solution to the asked query.
Service sector can be considered as the lifeline for other two sectors of the Indian economy as they they help in the functioning of both primary and secondary sectors. Services like banking, transportation, insurance are required for the successful functioning of other two sectors.
a. The importance and contribution of service sector has grown significantly in developed countries because of increased demands of services like banking,education, transportation, medical which are considered as basic essential service
b. Development in agriculture and industry have also increased the importance of service sector.
c. Rise in income levels which has resulted in increase demand for services like eating joints, private hospitals,shopping, tourism etc
d. Also because of rising demand for IT services., which today has become the buzzword and imperative for country's growth.
Hope this information will clear your doubts about this topic
If you have any more doubts just ask here on the forum and our experts will try to help you out as soon as possible
Regards