tertiary sector plays a very important role in the economy because its role is to provide services such as transport, educational institution, restaurants etc. so that is why it is gaining importance. it is also very important of export and import of goods .
Why service sector is growing?
Growing service sector is a sign of increasing standard of living. An other factor behind development of service sector is increase in productivity of labour. Due to better technol- ogy and improved labour productivity there is a increase in output of manufacturing goods and agriculture with less labour.
Why is the service sector growing rapidly in India?
Several factors have contributed to the growth of this sector in India. These include growing affluence, improving status of women, growth of IT sector, development of markets, health care consciousness, opening up of the economy etc.
Why has the entire tertiary sector not grown in importance?
The entire tertiary sector has not grown in importance because of the peculiarity of the skills and income it entails. Though the highly skilled professionals make rapid growth in terms of development and income, those at the lower end are barely able to make a living.
How tertiary sector is different from other sectors?
Answer: The tertiary sector is different from the other two sectors because the other sectors produce goods but this sector does not produce goods by itself. Instead, the tertiary sector activities help in the development of the primary and secondary sectors. For this reason this sector is also known as service sector.
Why is tertiary sector important in economic development?
The importance of the Tertiary sector is rising because of the following reasons. (i) This sector provides basic services such as hospitals, educational institutions, post and telegraph services, police stations, courts, municipal corporations, defence, banks, insurance etc. Additionally, how tertiary sector is important in economic development?
Why is the tertiary sector growing so rapidly in India?
Tertiary sector is growing rapidly because: (i) India’s economy is growing fast. Several services like hospital, educational institutions,post, telegraph, police, courts, municipality, transport, banks, insurance etc are needed.
How is technology changing the tertiary service sector?
New technology has enabled new service sector industries to develop. Computers, telephones have all been developed in the past 100 years. The growth of the internet has enabled a new range of tertiary services. There are some concerns over an economy becoming primarily based on the service sector. The volatility of finance.
What was the share of tertiary sector in 1973?
In 1973, share was nearly 10 to 15% but it has increased from 20 to 22% in 2003. Though tertiary sector is not playing the role of providing employment over expectation, the primary sector continues to be the largest employer even in the year 2000. (iv) Tertiary services increase efficiency of people.
