Explain the different areas of the economy in detail.
Primary sector is the sector that uses natural resources to produce goods. The natural resources play a very important part in this sector. For example, agriculture, fishing, mining, quarrying, forestry, etc are a part of this sector. This is dominant in the underdeveloped countries. It accounts for 17% of India's GDP and gives employment to 51% of the working force. It is a base for all the other sectors in the economy. The other 2 sectors have failed to create enough jobs. Hence most of the people tend to seek employment in this sector.
Secondary sector is the sector that transforms 1 physical good into another. This is important because the primary sector is unable to give us all the goods required to make our life comfortable. For example manufacturing, electricity, water supply, etc are included in this. It is also called the manufacturing sector or the industrial sector. It employs about 22% of the workforce with around 26% contribution to the GDP. With globalization and technology led business growth, it had drifted from being a labor-intensive sector to the capital-intensive sector. Although the industrial production has increased 8 fold, the level of jobs available has not shown any significant growth.
The tertiary sector is the service sector of the economy. It is extremely important in developed countries. For example, health, trade, transport, etc. It brings more than 60% of GDP while employing less than 27% of the workforce. Although there is a significant increase in the GDP, enough jobs are not provided. This is termed as 'Jobless growth'. The main reasons behind the growth of this sector are :
1. With the increase in population, the number of hospitals, schools, banks, tourism facility demands has also increased.
2. With the increase in the number of working women, the demand for certain facilities like cook, housekeeper, daycare has increased.
3. The development of agriculture and industries have increased the demand for transportation, warehouse, retail, etc
The percentage share of each sector over the years has been given below:
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