Sectors of indian economy
The document summarizes the main sectors of the Indian economy - primary, secondary, and tertiary - and classifies them based on the nature of economic activities. The primary sector involves extraction and production of natural resources like agriculture and mining. The secondary sector is related to manufacturing activities like steel production. The tertiary sector provides services to society such as transportation, banking, and insurance. The three sectors are interdependent. The document also discusses classification of the economy based on ownership into public and private sectors, and based on employment into organized and unorganized sectors.
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Sectors of indian economy
- 2. Economic activities are classified into groups using some important criterion. These groups are known as sectors of economy. People around us are engaged in different activities to earn livelihood, some may be producing goods while others may be delivering services.
- 3. Classification (on the basis of nature of activities) Sectors of indian economy Primary Secondary Tertiary
- 4. Primary Sector The economic activities which are connected with the extraction and production of natural resources, for e.g., agriculture, fishing, mining, etc., falls under primary sector.
- 5. Secondary Sector The economic activities which are related to the manufacturing process, for e.g., manufacturing of steel, falls under secondary sector.
- 6. Tertiary Sector The economic activities that are mostly based on providing service to the society, like transportation, banking, insurance, etc. falls under tertiary sector.
- 7. The 3 Sectors Are Dependent On Each Other
- 9. Comparing The 3 Sectors (between 1973 and 2003)
- 10. GDP by the 3 sectors
- 13. Classification (on the basis of ownership)
- 14. Public Sector The government owns most of the assets and provides all the services.
- 15. Private Sector Ownership of assets and delivery of services is in the hands of private individuals or companies.
- 16. Classification (on the basis of employment)
- 17. Organised Sector People have assured work and terms of employment are regular.
- 18. Unorganised Sector It consists of small and scattered which are not in the control of the government. It has low pay and unsecured jobs.
- 20. When a person is willing to work at the prevailing wage rate but fails to get a job, it is called unemployment.
- 21. Types of unemployment Unemployment Seasonal Disguised Structural Cyclical Frictional
- 22. The unemployment which generates due to the variation in seasons is called seasonal unemployment When more people are working than required, it is called disguised unemployment. When the economy fails to generate enough jobs, it is called structural unemployment. The unemployment that is created because of depression in an economy, it is called cyclical unemployment. When unemployment happens because of transferring from one job to another, the period between changing the job is called frictional unemployment.