What is a Tertiary Sector?
The tertiary sector of the economy or also referred to as the service sector is a sector that includes tons of small business which acts as a service to the primary and the secondary sectors of the economy. The tertiary sector includes but is not limited to schools, financial institutions, insurance companies, banking institutions, restaurants, hotels, and many more. Many economists believe that the economy of a nation escalates when the government shits its focus on the development of the tertiary sector. The tertiary sector can also be further divided into different sectors like profit and non-profit.
As per the world bank report India holds 7th position globally in highest output from the tertiary industries with an output of more than 1.3 billion USD.
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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