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Chapter 2
Sectors of Indian Economy

Three Sectors of Economy
Introduction
Sectors are groups of people who engage in diverse activities including the
production of commodities or services
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A farmer, for example, harvests crops in order to sell and
profit; an industry, on the other hand, produces things or services for people in
order to profit
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Primary Sector: The primary sector is when we make a product by extracting
and collecting natural resources
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2
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After
primary school, it's time to go on to secondary school
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The industrial sector is another name for it
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Sugar or
Gur is produced using sugarcane as a basic ingredient
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Tertiary Sector: Activities that aid in the growth of the elementary and
secondary sectors are included in the tertiary sector
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It's also known as the service sector
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Difference between the three sectors of the economy
All three sectors, primary, secondary, and tertiary, are interdependent and
interconnected in the day-to-day performance of diverse economic activities
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Gross Domestic Product (GDP): The sum of the output that is once done
through primary, secondary, and tertiary activities is known as the Gross
Domestic Product (GDP)
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Historical Changes in Sectors:
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3
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Some persons are also involved in the
transportation industry
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The secondary sector gradually became the most important in terms of the
economy and employment
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A great variety of industries relating to food processing, equipment
manufacturing, and textiles are present
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This resulted in the establishment of services such as banking, health care,
and education
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In terms of total production, the service industry has overtaken manufacturing
as the most significant sector, and it has begun to employ more people
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The tertiary sector in India has been increasingly important
for the following reasons:
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Disguised Unemployment: Unemployment is the only aspect of the economy
that has no bearing on overall output
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It can apply to any group of
people that aren't working to their full potential
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Every state or region has the
potential to boost its residents' income and job opportunities
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According to NITI
Aayog, research undertaken by the Planning Commission, approximately 20
lakh employments can be produced in the education sector alone
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Mgnrega:
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It is primarily used by persons who live in rural areas who are able and
willing to work
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The MGNREGA scheme is open to any Indian citizen over the age of 18
who lives in a rural area
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If the government fails to produce jobs, the people will be forced to rely
on unemployment benefits
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This law aids in the preservation of the village environment, the
empowerment of rural women, the promotion of social equality, the
reduction of migration to urban regions, and the provision of essential
services, among other things
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Organized Sector:
 Organized sectors are those that provide fixed and secure
employment as well as work for a limited amount of time to their
employees based on their motivation and qualifications
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 Employees in the organized sector have job security
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Unorganized Sector:
 The government seems to have little influence over the unorganized
sector
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 Overtime work is not compensated in any way
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Here are a few pointers to get you started
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 Self-employed workers can get low-cost loans from the government
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 The government can enact new legislation that allows for overtime, paid
leave, and sick leave, among other things
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Public Sector:
 The government controls most assets and is responsible for all services
in the public sector
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Its main goal is to
benefit the general population
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2
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 Profit is the primary motivator for private-sector activity
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