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State the importance of the Service Sector. - Economic Applications

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Questions

State the importance of the Service Sector.

What is the importance of service sector? Give two points.

Short Answer
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Solution

Importance of the Service Sector:

  1. The service sector is one of the largest sectors of India.
  2. Currently, this sector is the backbone of the Indian economy.
  3. It contributes around 53% of the Indian Gross Domestic Product.
  4. It provides transportation services to the primary and secondary sectors of the economy.
  5. It improves workforce efficiency.
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Notes

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Chapter 8: Main Sectors of Indian Economy : Services - QUESTION BANK [Page 104]

APPEARS IN

J. P. Goel and Kaushal Goel Economic Applications [English] Class 9 ICSE
Chapter 8 Main Sectors of Indian Economy : Services
QUESTION BANK | Q 7. | Page 104
J. P. Goel and Kaushal Goel Economics [English] Class 9 ICSE
Chapter 9 Tertiary Sector
QUESTION BANK | Q 7. | Page 148
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