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Which of the following sectors contributes the most to India's Gross Domestic Product (GDP)?
- a)Manufacturing sector
- b)Service sector
- c)Agricultural sector
- d)Mining sector
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Which of the following sectors contributes the most to Indias Gross Do...
Service Sector
The service sector contributes the most to India's Gross Domestic Product (GDP) compared to other sectors such as manufacturing, agriculture, and mining. Here is a detailed explanation of why the service sector is the largest contributor to India's GDP:
Key Points:
- The service sector includes a wide range of industries such as IT, banking, tourism, healthcare, education, and more. These industries provide various services to consumers and businesses, driving economic growth.
- Over the years, India has seen significant growth in the service sector, with the IT and outsourcing industries playing a crucial role. The IT sector, in particular, has contributed significantly to India's GDP through software exports and services.
- The service sector is labor-intensive, creating employment opportunities for a large number of people. This has helped in reducing unemployment and poverty levels in the country.
- The increasing urbanization and rising middle-class population have led to a higher demand for services such as healthcare, education, entertainment, and financial services. This has further boosted the growth of the service sector.
- The government has also focused on promoting the service sector through policies and initiatives to attract investments and facilitate growth. This has led to the expansion of service industries and their contribution to the overall economy.
In conclusion, the service sector's diverse nature, high growth potential, and significant contribution to employment make it the largest contributor to India's GDP.
The service sector contributes the most to India's Gross Domestic Product (GDP) compared to other sectors such as manufacturing, agriculture, and mining. Here is a detailed explanation of why the service sector is the largest contributor to India's GDP:
Key Points:
- The service sector includes a wide range of industries such as IT, banking, tourism, healthcare, education, and more. These industries provide various services to consumers and businesses, driving economic growth.
- Over the years, India has seen significant growth in the service sector, with the IT and outsourcing industries playing a crucial role. The IT sector, in particular, has contributed significantly to India's GDP through software exports and services.
- The service sector is labor-intensive, creating employment opportunities for a large number of people. This has helped in reducing unemployment and poverty levels in the country.
- The increasing urbanization and rising middle-class population have led to a higher demand for services such as healthcare, education, entertainment, and financial services. This has further boosted the growth of the service sector.
- The government has also focused on promoting the service sector through policies and initiatives to attract investments and facilitate growth. This has led to the expansion of service industries and their contribution to the overall economy.
In conclusion, the service sector's diverse nature, high growth potential, and significant contribution to employment make it the largest contributor to India's GDP.
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Which of the following sectors contributes the most to Indias Gross Do...
The service sector is the largest contributor to India's GDP, accounting for a significant share of economic output.
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Which of the following sectors contributes the most to Indias Gross Domestic Product (GDP)?a)Manufacturing sectorb)Service sectorc)Agricultural sectord)Mining sectorCorrect answer is option 'B'. Can you explain this answer?
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