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Which sector is the biggest contributor to India's GDP ?
- a)Agriculture
- b)Industry
- c)Services
- d)All contribute equally
Correct answer is option 'C'. Can you explain this answer?
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Which sector is the biggest contributor to India's GDP ?
a)Agricultur...
Which sector is the biggest contributor to India's GDP?
India's GDP is mainly driven by three sectors - Agriculture, Industry, and Services. However, the largest contributor to India's GDP is the Services sector.
Explanation:
The Services sector, also known as the tertiary sector, encompasses a wide range of activities such as trade, finance, tourism, communication, education, healthcare, and more. It plays a crucial role in India's economic growth and development. Here's why the Services sector is the biggest contributor to India's GDP:
1. Contribution to GDP: The Services sector contributes significantly to India's GDP. As per the latest data, it accounts for more than 50% of India's GDP.
2. Employment Generation: The Services sector is a major source of employment in India. It provides opportunities for skilled and semi-skilled individuals, contributing to job creation and livelihoods.
3. Foreign Exchange Earnings: The Services sector plays a vital role in earning foreign exchange for the country. Services such as IT and IT-enabled services, tourism, and outsourcing have helped India attract foreign investments and generate revenue.
4. Technological Advancements: The Services sector has been instrumental in driving technological advancements in India. It has witnessed significant growth in sectors like Information Technology, Business Process Outsourcing, and Telecommunications, which have contributed to the overall development of the economy.
5. Domestic Consumption: The Services sector caters to the growing domestic consumption needs of India's population. With a rising middle class and increasing disposable income, there is a higher demand for services such as healthcare, education, and entertainment.
6. Export of Services: India has emerged as a global hub for services exports. Sectors like IT services, software development, and business consulting have helped India establish itself as a leading player in the global market, contributing to the country's GDP.
In conclusion, while all sectors - Agriculture, Industry, and Services - contribute to India's GDP, the Services sector is the largest contributor. Its significant contribution to GDP, employment generation, foreign exchange earnings, technological advancements, domestic consumption, and export of services make it a vital pillar of India's economy.
India's GDP is mainly driven by three sectors - Agriculture, Industry, and Services. However, the largest contributor to India's GDP is the Services sector.
Explanation:
The Services sector, also known as the tertiary sector, encompasses a wide range of activities such as trade, finance, tourism, communication, education, healthcare, and more. It plays a crucial role in India's economic growth and development. Here's why the Services sector is the biggest contributor to India's GDP:
1. Contribution to GDP: The Services sector contributes significantly to India's GDP. As per the latest data, it accounts for more than 50% of India's GDP.
2. Employment Generation: The Services sector is a major source of employment in India. It provides opportunities for skilled and semi-skilled individuals, contributing to job creation and livelihoods.
3. Foreign Exchange Earnings: The Services sector plays a vital role in earning foreign exchange for the country. Services such as IT and IT-enabled services, tourism, and outsourcing have helped India attract foreign investments and generate revenue.
4. Technological Advancements: The Services sector has been instrumental in driving technological advancements in India. It has witnessed significant growth in sectors like Information Technology, Business Process Outsourcing, and Telecommunications, which have contributed to the overall development of the economy.
5. Domestic Consumption: The Services sector caters to the growing domestic consumption needs of India's population. With a rising middle class and increasing disposable income, there is a higher demand for services such as healthcare, education, and entertainment.
6. Export of Services: India has emerged as a global hub for services exports. Sectors like IT services, software development, and business consulting have helped India establish itself as a leading player in the global market, contributing to the country's GDP.
In conclusion, while all sectors - Agriculture, Industry, and Services - contribute to India's GDP, the Services sector is the largest contributor. Its significant contribution to GDP, employment generation, foreign exchange earnings, technological advancements, domestic consumption, and export of services make it a vital pillar of India's economy.
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Which sector is the biggest contributor to India's GDP ? a)Agricultureb)Industryc)Servicesd)All contribute equallyCorrect answer is option 'C'. Can you explain this answer? for SSC CHSL 2025 is part of SSC CHSL preparation. The Question and answers have been prepared according to the SSC CHSL exam syllabus. Information about Which sector is the biggest contributor to India's GDP ? a)Agricultureb)Industryc)Servicesd)All contribute equallyCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for SSC CHSL 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which sector is the biggest contributor to India's GDP ? a)Agricultureb)Industryc)Servicesd)All contribute equallyCorrect answer is option 'C'. Can you explain this answer?.
Which sector is the biggest contributor to India's GDP ? a)Agricultureb)Industryc)Servicesd)All contribute equallyCorrect answer is option 'C'. Can you explain this answer? for SSC CHSL 2025 is part of SSC CHSL preparation. The Question and answers have been prepared according to the SSC CHSL exam syllabus. Information about Which sector is the biggest contributor to India's GDP ? a)Agricultureb)Industryc)Servicesd)All contribute equallyCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for SSC CHSL 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which sector is the biggest contributor to India's GDP ? a)Agricultureb)Industryc)Servicesd)All contribute equallyCorrect answer is option 'C'. Can you explain this answer?.
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