Sector of the indian economy
Class 10
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Important terms:
> Primary sector : primary sector is sector which involves agriculture activities, mining, forestry, poultry, etc.> Secondary Sector: It is the sector which is engaged in manufacturing
of goods from raw material provided by the primary sector.
> Industry: It is a combination of firms engaged in similar activity like textile industry, banking industry, insurance industry, auto industry, etc.
> Public Investment: The money invested by the government in construction of roads, bridges, dams, schools, colleges, law and order etc.
> Employment: It is a situation where the able-bodied persons willing to work and are engaged in some productive activity to earn the income.
> Unemployment: It is a situation where the able-bodied persons willing to work but are not able to get work. They are not engaged in any productive activity.
Points to Remember
🔹Tertiary sector is a service sector which helps both primary and secondary sectors. It includes transportation, banking, financing, insurance, etc.
🔹National sample survey organisation is an organisation which conducts surveys on employment and unemployment in an economy.
🔹Disguised unemployment is a type of hidden unemployment where people seem to be working but they do not contribute to the actual production
🔹Gross domestic product the value of goods and services produced in an economy in a financial year.
🔹Organised sector it covers those enterprises where the terms of employment are regular and they have assured work.
🔹Unorganised sector is a small and scattered units which are outside the control of the government come under the unorganised sector.
🔹Public sector are those enterprises in which government owns majority of the shareholding of the company/enterprise.
🔹Private sector are the enterprises where the ownership of assets is in the hands of private individual/companies.
🔹Small scale industry are the group of small units which is engaged in productive activities for generation of employment,
🔹Large scale industry are the group of companies which employ large number of labour, use superior technology and need high investment.
🔹Cottage industry is an industry which require low investment and does not employ labour but uses the services of the family member to produce the article of local use.
🔹Mahatma Gandhi National Rural Employment Act 2005: Under NREGA all those who are able to and are in need of, work have been guaranteed 100 days of employment in a year by the government. If the government fails in its duty to give employment it will give unemployment allowances to the people.
🔹Tertiary sector has become important in India because in any country several services like hospitals, banks, transport, educational institutions courts etc are required. The developtment leads of agriculture and industry leads to the development of services e.g. transport trade etc. In the past decades new services like information technology have become important and essential.
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