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.
Why does the tertiary sector increase day by day?
Tertiary sector is also called Service Sector because, aSo tertiary sector is increasing day by day because of its importance. Tertiary sector contributes in the GDP of a country. People are moving towards tertiary sector as it provides profits as compared to primary sector and secondary (industrial)sector.
How tertiary sector is important?
Importance of the tertiary sector : the tertiary sector provides basic services like public transportation, medical care, electricity, banking, post office, etc under the control of the govt. ii. the tertiary sector creates a huge area for employment even for uneducated and unskilled workers.
What is the importance of tertiary sector?
What are disadvantages of tertiary sector?
Long-term problems include inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, sizable trade and budget deficits.
Why is the importance of the tertiary sector rising?
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. which are basic for the development of the country.
How are tertiary sectors contribute to the Indian economy?
The tertiary sectors account for 51% of the GDP. The tertiary sectors may include insurance, bankin and transport. The higher the productivity in primary and secondary sector and lower the employment in these sectors, the better it is. People need more and more services for leading qualitatively better lifestyle.
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.
