sectors of economy

SECTORS OF INDIAN ECONOMY

BY A.Goutham

GopiGirish

SECTORS AND MAJOR TYPES OF SECTORS

•A nation’s economy can be divided into various sectors to define the proportion of the population engaged in the activity sector.

•This categorization is seen as distance from the natural environment

•In India is an emerging global economy. It ranks eleventh in the world in terms of the nominal GDP and stands on third position worldwide by Purchasing Power Parity (PPP).

Three major sectors are

•Primary sector•Secondary sector•Tertiary sector

PRIMARY SECTOR

1. The primary sector of the economy is the sector of an economy  making direct use of natural resources.

2. The main part of their national incomes achieved through production in the primary sector.

3. Activities associated with the primary sector include

•Agriculture (both subsistence and commercial)•Mining•Forestry•Farming•Grazing•Hunting•Fishing•Quarrying.

•India stands on second position in the world in terms of farm output.

•Major agricultural produce of India includes wheat, rice, sugarcane, groundnuts, pulses, fruits, vegetables, silk, jute, cotton and milk.

•India stands on first position in the world in terms of the production of pulses, jute & milk and is also the second largest producer of wheat, rice, sugarcane, groundnuts, cotton, fruits and vegetables.

STATISTICAL DATA FOR PRIMARY SECTOR IN INDIA

•Agricultural Sector, employing 52.1% of the total Indian workforce, is the highest employment provider in India.

•Agriculture sector contributed only 15.7% to the country’s GDP.

SECONDARY SECTOR

•The secondary sector of the economy manufactures finished goods.

•All of manufacturing, processing, and construction lies within the secondary sector.

Activities associated with the secondary sector include •Metal working and smelting, •Automobile production,•Textile production, •Chemical and engineering industries,•Aerospace manufacturing,•Energy utilities, •Engineering,•Breweries and bottlers•Construction,• Shipbuilding

INDIA IN SECONDARY SECTOR

•Industrial sector is the second highest employment provider in India, next only to the agricultural sector, and provides employment to almost 23% of the country’s total work-force.

•In current scenario, the Textile Manufacturing Industry is the highest employment provider in the entire Industrial Segment of the Indian Economy.

TERTIARY SECTOR

•The tertiary sector of the economy is the service industry.

•This sector provides services to the general population and to businesses

•Activities associated with this sector include retail and wholesale sales, transportation and distribution, entertainment restaurants, clerical services, media, tourism, insurance, banking, healthcare, and law.

•In most developed and developing countries, a growing proportion of workers are devoted to the tertiary sector. In the U.S., more than 80% of the labor force are tertiary workers.

SERVICE SECTOR IN INDIAN ECONOMY

•Service Sector, contributing almost 55% to the country’s GDP, is the highest contributor to the economy of India.

•Under Service Sector, Information Technology & BPO (Business Process Outsourcing) are the two fastest growing segments which alone account for almost one-fourth of India’s total export

OTHER EMERGING SECTORS

QUATERNARY SECTOR•The quaternary sector of the economy consists of intellectual activities. Activities associated with this sector include government, culture, libraries, scientific research, education, and information technology.

QUINARY SECTOR

•It includes the highest levels of decision making in a society or economy.

•This sector would include the top executives or officials in such fields as government, science, universities, nonprofit, healthcare, culture, and the media.