Comparing the 3 Sectors
The value of the final goods and services which is produced in each sector, during a particular year, provides for the total production of the sector in the given year and the sum of production of all the 3 sectors gives the Gross Domestic Product (GDP) of a country. GDP refers to the value of all the final goods and services which is produced within a country during a given year and shows how an economy is. In the case of India, the task for the measurement of GDP is done by the central government ministry.
The graph below shows the production of goods and services in the three sectors of the Indian Economy:
GDP of the three sectors
In the years 2013-2014, the tertiary sector came to emerge as one of the largest producing sectors present in India the replacement of the primary sector. The tertiary sector has become very important in India because of:
- Different services like hospitals, educational institutes, telegraph, police, etc. are considered to be some basic services that are very important for the functioning of the country and its people.
- Developments in the agricultural sector and industrial sectors also lead to the development of transport, trade, storage, etc.
- With the emergence of an increase in income, people started to demand more services in the aspects of tourism, restaurants, malls, etc.
- Over the years, certain new forms of services which is based on information and communication have also played significant roles.
Read More: Comparing the Three Sectors of the Economy
CBSE Notes Class 10 Economics Chapter 2 : Sectors of the Indian Economy
An economy is understood better when we study its components or sectors. So, in the CBSE Notes Class 10 Economics Chapter 2- Sectors of the Indian Economy, we will learn important aspects of the 3 types of classification of the economy; primary, secondary, and tertiary, organized/unorganized, and public/private sectors. To understand this chapter better, we will relate the topics to daily life and these topics will help us to familiarise ourselves with some fundamental concepts like employment, Gross Domestic Product, and so forth.