The Indian economy consists of all the production units or institutions such as farms, factories, workshops, railways, hospitals, schools and banks.
The Indian economy can be broadly classified into three sectors:
Sectors of the Indian Economy
Primary sector of the Indian Economy
This sector consists of agriculture and various allied activities such as dairy, poultry, fishing, forestry and cattle rearing or animal husbandry. Most of the goods are produced by using natural resources. The primary sector plays an important role in India, an overpopulated agro-based economy.
Secondary sector of the Indian Economy
This sector is also known as the industrial sector. It consists of manufacturing and construction activities in small-, large- and tiny-scale industries. The small- and tiny-scale industries include clothes, candles, poultry, matchbox, handloom and toys which provide huge employment. The large-scale industries include iron and steel, chemicals and fertilizers; their
contribution to the gross domestic product is significant.
Tertiary sector of the Indian Economy
This sector produces services such as transport, communication, banking, insurance, trade and commerce, including both national and international trade. Also, all services such as doctors, engineers, lawyers and teachers fall in this sector. It also includes the services provided by the government for the welfare of citizens.
In this article, you will learn basic concepts of Economics. Human wants are countless and are of various kinds. A human is a bundle of desires, with wants infinite in variety and number.» Read more
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