Sectors Of Indian Economy Class 10 Notes
Class 10
Welcome to this article on the sectors of the Indian economy, specifically designed for Class 10 students. In the article "Sectors Of Indian Economy Class 10 Notes" , we will cover the different sectors that make up the Indian economy, their importance, and their interdependence. Understanding the three sectors of the economy - primary, secondary and tertiary - is crucial to comprehend the economic development of India. By the end of this article, you will have a clear understanding of the contributions of each sector and how they have evolved over the years. So, let's dive in and explore the sectors of the Indian economy.
Primary sector -Sectors Of Indian Economy Class 10 Notes
When we produce goods by exploiting natural resources, it is an activity of the primary sector.
Secondary sector
Covers activities in which natural products are changed into other forms through ways of manufacturing, it is also called as industrial sector.
Tertiary sector - Sectors Of Indian Economy Class 10 Notes
The primary and secondary sectors are developed with the help of various activities that do not produce goods themselves but support the production process. For instance, goods produced in the primary sector require transportation via trucks or trains to be sold in wholesale and retail shops. Similarly, products are stored in godowns when necessary, and communication services such as talking on the telephone aid in the process. Borrowing money from banks is another activity that supports development. As these activities generate services rather than goods, they are collectively referred to as the Service sector.
Gross Domestic Product (GDP)
The total production of each sector during a particular year is determined by calculating the value of final goods and services produced in that sector. When the production values of all three sectors are added together, the result is the Gross Domestic Product (GDP) of the country. The GDP represents the total value of all final goods and services produced within the country over the course of a particular year.
Underemployment - Sectors Of Indian Economy Class 10 Notes
Disguised unemployment refers to a situation where people are working but not at their full potential. This form of underemployment is not easily noticeable, unlike someone who is completely jobless. It is termed "disguised" because individuals may appear to be employed, but their productivity is not fully utilized, resulting in inefficient use of resources.
Mahatma Gandhi National Rural Employment Guarantee Act 2005, (MNREGA 2005)
The government has guaranteed 100 days of employment in a year to all those who are capable and in need of work under NREGA 2005. In the event that the government is unable to provide employment opportunities, it will provide unemployment allowances to eligible individuals as a form of compensation.
Organised sector
It covers those enterprises or places of work where the terms of employment are regular and therefore, people have assured work.
Unorganized sector - Sectors Of Indian Economy Class 10 Notes
It is characterized by small and scattered units which are largely outside the control of the government. There are rules and regulations but these are not followed.
Public sector
In this sector government owns most of the assets and provides all the services.
Growing importance of Tertiary sector
- Several services such as hospitals, educational institutions, post and telegraph services, police stations, courts, village administrative offices, municipal corporations, defense, transport, banks, insurance companies etc. are required in any country.
- The development of agriculture and industry leads to the development of services like transport, trade, storage and the like.
- The more developed the primary and secondary sectors are, the more demand there will be for such services.
- As income levels rise, certain sections of people start demanding more services like eating out, tourism, shopping, private hospitals, and professional training, especially in big cities. -In recent years, certain new services based on information and communication technology have become essential. - Sectors Of Indian Economy Class 10 Notes
In conclusion, understanding the sectors of the Indian economy is crucial to comprehend the functioning and growth of the economy. India's economy is highly diversified, with agriculture, industry, and services playing significant roles. Each sector has its own importance and contributes differently to the overall growth of the economy. The primary sector provides raw materials, while the secondary sector converts them into finished goods, and the tertiary sector provides services that help in the smooth functioning of the economy. It is important for us to continue to develop all three sectors to ensure a sustained and inclusive economic growth. - Sectors Of Indian Economy Class 10 Notes
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Sectors Of Indian Economy Class 10 Notes
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