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Services Sector- 1 Video Lecture | Indian Economy for UPSC CSE
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110 videos|315 docs|136 tests
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FAQs on Services Sector- 1 Video Lecture - Indian Economy for UPSC CSE
| 1. What is the services sector? |  |
Ans. The services sector refers to a category of the economy that includes industries that provide intangible goods or services rather than producing physical products.
| 2. What are some examples of industries in the services sector? | |
Ans. Some examples of industries in the services sector include banking and finance, healthcare, education, tourism and hospitality, transportation, telecommunications, and professional services such as consulting and legal.
| 3. What is the importance of the services sector in the economy? | |
Ans. The services sector plays a crucial role in the economy as it contributes to employment generation, enhances productivity, and drives economic growth. It often serves as a key driver of innovation and can have a significant impact on a country's overall competitiveness.
| 4. How does the services sector differ from the manufacturing sector? | |
Ans. The services sector primarily deals with the provision of intangible services, such as healthcare or banking, whereas the manufacturing sector involves the production of physical goods. While manufacturing focuses on transforming raw materials into finished products, the services sector focuses on meeting the needs of consumers through various services.
| 5. What are some challenges faced by the services sector? | |
Ans. Some challenges faced by the services sector include increasing competition, technological disruptions, changing consumer preferences, regulatory complexities, and the need for skilled labor. Additionally, the sector may also face challenges related to quality control, customer satisfaction, and maintaining efficient service delivery processes.
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Dec 21, 2024 Last updated |
Video Description: Services Sector- 1 for UPSC 2024 is part of Indian Economy for UPSC CSE preparation.
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