What Kind of Industries Comes under the Tertiary Sector?
The tertiary sector can provide direct service, a framework for setting up a business, as well as can carry out business operations. A majority of the tertiary sector comprises institutions involved in shipping services that can be via roadways, railways, seaways, or airways. And almost every person involved in the shipping industry from a taxi/truck driver to the supply chain manager operating from head office comes under the tertiary sector.
Other major industries that come under the tertiary sector are the hospitality industries like hotels, restaurants, and resorts. As the hospitality industry provides food and comfort services which are the basic necessity for the primary and secondary sectors. While on the other hand, many economists believe that financial institutions such as banks and other insurance companies are arguably the most important tertiary sector industries as they finance and safeguard many industries with loans and insurance.
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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