Question

Tertiary sector is in top position in the world now Justify.

Answer 1

1. The tertiary sector consists of the ‘soft part’ of the economy, ie, activities where people offer their knowledge and time to improve productivity, performance, potential, and sustainability.
2. The basic characteristic of this sector is the production of services instead of end products.
3. In other words, services, known as intangible goods including many production systems, such as hospitals, beauty saloons consulting companies, banks, financial institutions, schools, restaurants, and others do not produce a tangible product.
4. Instead, the output of such systems is a service.
5. Hence the tertiary sector is also known as the service industry sector.
6. India ranks 9th in the tertiary sector output as per IMF and CTA world fact Book, 2015
7. This sector provides employment to around 23% of the total workforce in the country.
8. Service sector is the support for the social, economic growth of a country.
9. It is today the largest and fastest-growing sector globally contributing more to the output and employing more people than any other sector
10. The real reason for the growth of the service sector is due to the increase in urbanization, privatization, and increasing demand for intermediate and final consumer services.
11. In advanced economies, the growth in the primary and secondary sectors are directly dependent on the growth of services like banking insurance, trade, commerce, entertainment, social and personal, etc.,
12. The U.S. and other developed economics are non dominated by the services sector, accounting for more than two-thirds of their Gross Domestic Product (GDP).