Potential of the Tertiary Sector
In the last few decades, it has been observed that many economies shifted their focus from the manufacturing sector to the tertiary sector, thus escalating their economic growth.
- Advanced technology and innovation played a major role in the upliftment of the tertiary sector in the Indian economy and which also resulted in increased labor productivity.
- The tertiary sector is responsible for the movement of all kinds of goods and services.
- Growth in the tertiary sector uplifts the living standards of the people and allows them to spend on their comfort and leisure.
- The increase in labor productivity results in higher wages thus increasing their purchasing capacity and benefiting other tertiary sector industries.
- Development needs money and thus the need for the tertiary sector is increasing as it includes all the financial institutions such as banks, which provides loans to individuals and organization.
Tertiary Sector – Meaning, Examples & Potential
The Indian economy is divided into three sectors i.e. Primary, Secondary and Tertiary. A good performance in all these sectors is essential for India’s economic growth. The primary sector basically acts as the raw material supplier while the secondary sector also known as the processing or the manufacturing sector turns the material into finished goods. The tertiary sector provides services to both the primary and secondary sectors of the Economy. The tertiary sector is quite important for the Indian economy as the majority of people in India are employed in this sector.
Table of Content
- What is a Tertiary Sector?
- Tertiary Sector Examples
- What Kind of Industries Comes under the Tertiary Sector?
- Potential of the Tertiary Sector
- The Present Condition of the Tertiary Sector in India
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