Territory sector is playing a significant role in the development of India Economy . Justify the Statement
Dear Student,
Yes, the tertiary sector plays a significant role in the development of Indian economy. It contributes vital services to the economy like health and education. The contribution to GDP by this sector is calculated as the sum of the wages and salaries paid to individuals working in this sector. The wages and salaries are interpreted as the measure of the value added by these individuals to the economy of the country. Hence, the sum of the wages is interpreted as the contribution to GDP by the tertiary sector.
The tertiary sector has contributed vastly to the Indian economy, especially in the last two decades. In the last decade, the field of information technology has grown, and consequently, the GDP share of the tertiary sector has grown from around 40% in 1973 to more than 50% in 2003. The tertiary sector generates many services and job opportunities all around the world. The primary and secondary sector, both of them depends largely on Tertiary sector. The tertiary sector does not produce goods but supports the process of production.
Regards
Yes, the tertiary sector plays a significant role in the development of Indian economy. It contributes vital services to the economy like health and education. The contribution to GDP by this sector is calculated as the sum of the wages and salaries paid to individuals working in this sector. The wages and salaries are interpreted as the measure of the value added by these individuals to the economy of the country. Hence, the sum of the wages is interpreted as the contribution to GDP by the tertiary sector.
The tertiary sector has contributed vastly to the Indian economy, especially in the last two decades. In the last decade, the field of information technology has grown, and consequently, the GDP share of the tertiary sector has grown from around 40% in 1973 to more than 50% in 2003. The tertiary sector generates many services and job opportunities all around the world. The primary and secondary sector, both of them depends largely on Tertiary sector. The tertiary sector does not produce goods but supports the process of production.
Regards