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Sectors of Indian Economy topic is part of Social Science portion of MRSAFPI (Maharaja Ranjit Singh Armed Forces Preparatory Institute) Examination. This is the new section introduced in the year 2021-22 by the Maharaja Ranjit Singh Academy as a part of entrance exam for the NDA (National Defence Academy). In this post, you will study about the Sectors of Indian Economy topic and the Multiple-Choice Questions for the Maharaja Ranjit Singh Armed Forces Preparatory Institute Examination.
SECTORS OF INDIAN ECONOMY
Sectors are groups of people who engage in diverse activities including the production of commodities or services. Economic activities are those that result in revenue and profit. 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.
1. Primary Sector: The primary sector is when we make a product by extracting and collecting natural resources.
2. Secondary Sector: It includes operations that include the transformation of natural goods into new forms through various manufacturing processes. After primary school, it’s time to go on to secondary school. In this case, some production steps are required. The industrial sector is another name for it.
3. Tertiary Sector: Activities that aid in the growth of the elementary and secondary sectors are included in the tertiary sector. These actions do not generate a good in and of itself, but they help or support the production process. It’s also known as the service sector.
GDP (GROSS DOMESTIC PRODUCT)
The sum of the output that is once done through primary, secondary, and tertiary activities is known as the Gross Domestic Product (GDP). The value of all of these final goods from all three sectors would be counted into the gross domestic product, and when we talk about the net domestic product, we eliminate any depreciation from that gross number to get the net product.
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HISTORICAL CHANGES IN SECTORS
1. The primary sector was the most important sector of economic activity in a country throughout its early phases of development.
2. The agriculture sector began to generate significantly more food than before as a result of technological advancements in farming processes.
3. People began working in factories. Some persons are also involved in the transportation industry.
4. The secondary sector gradually became the most important in terms of the economy and employment.
5. A great variety of industries relating to food processing, equipment manufacturing, and textiles are present.
6. This resulted in the establishment of services such as banking, health care, and education.
7. In terms of total production, the service industry has overtaken manufacturing as the most significant sector, and it has begun to employ more people.
WHERE ARE MOST OF THE PEOPLE EMPLOYED?
The tertiary sector overtook the primary sector as India’s largest producing sector in 2013-14. The tertiary sector in India has been increasingly important for the following reasons:
1. Hospitals, educational institutions, post and telegraph services, police stations, courts, village administrative offices, municipal corporations, defense, transportation, banks, insurance businesses, and other services are considered vital for everyone.
2. Agriculture and industry expansion lead to the expansion of services such as transportation, commerce, and storage.
3. As people’s incomes rise, they expect more luxuries like dining out, tourism, shopping, private hospitals, private schools, professional training, and so on.
4. During the recent decade, several new information and communication technology-based services have become increasingly important and indispensable.
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DISGUISED UNEMPLOYMENT
Unemployment is the only aspect of the economy that has no bearing on overall output. When productivity is low and there are too many people for too few jobs, this happens. It can apply to any group of people that aren’t working to their full potential.
HOW TO CREATE MORE EMPLOYMENT?
People can find work by locating industries and services in semi-rural areas and identifying, advertising, and locating them. Every state or region has the potential to boost its residents’ income and job opportunities. Tourism, regional craft industries, and emerging services like IT can all help. According to NITI Aayog, research undertaken by the Planning Commission, approximately 20 lakh employments can be produced in the education sector alone.
In 2005, the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) was enacted by the central government of India to implement the Right to Work in about 625 districts across the country.
MGNREGA
- It is primarily used by persons who live in rural areas who are able and willing to work. Every year, the MGNREGA gives at least 100 days of work to rural households that voluntarily volunteer to conduct unskilled work.
- The MGNREGA scheme is open to any Indian citizen over the age of 18 who lives in a rural area.
- Another goal of the MGNREGA act is to give rural communities long-term assets such as roads, wells, and ponds.
- If the government fails to produce jobs, the people will be forced to rely on unemployment benefits.
- It is implemented without the use of contractors or agents in gram panchayats.
- 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.
DIFFERENT SECTORS IN TERMS OF OPERATIONS
1. 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.
- These industries adhere to the government’s norms and regulations.
- Employees in the organized sector have job security.
2. Unorganized Sector:
- The government seems to have little influence over the unorganized sector.
- Workers in the unorganized sector do not have the same level of job security as those in the organized sector.
- Overtime work is not compensated in any way.
HOW TO PROTECT WORKERS IN UNORGANISED SECTOR?
There is a need for workers in the unorganized sector to be protected and supported.
- The government has the authority to set the minimum pay and working hours.
- Self-employed workers can get low-cost loans from the government.
- The government can supply these workers with low-cost, accessible fundamental amenities such as education, health care, and food.
- The government can enact new legislation that allows for overtime, paid leave, and sick leave, among other things.
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DIFFERENT SECTORS ON THE BASIS OF OWNERSHIP
1. Public Sector:
- The government controls most assets and is responsible for all services in the public sector.
- The public sector’s goal isn’t only to make money. Its main goal is to benefit the general population.
- The public sector includes things like railways and post offices.
2. Private Sector:
- Asset ownership and service delivery are in the hands of private individuals or corporations in the private sector.
- Profit is the primary motivator for private-sector activity.
- Tata Iron and Steel Company Limited (TISCO) and Reliance Industries Limited are two privately held companies (RIL).
Table of Contents
SECTORS OF INDIAN ECONOMY : ECONOMICS MCQ’s FOR MRSAFPI
- The sectors are classified into public and private sectors on the basis of
A. Employment conditions
B. The nature of economic activity
C. Ownership of enterprises
D. Number of workers employed in the enterprise.
Answer: C
2.Production of a commodity, mostly through the natural process, is an activity in……………. sector.
A.Primary
B. Secondary
C. Tertiary
D. Information technology
Answer: A
3.When we produce a goods by exploiting natural resources, it is an activity of the
A. Secondary sector
B.Tertiary sector
C. Primary sector
D. None of the above
Answer: C
4.Natural products are changed into other forms through ways of manufacturing
A.Primary sector
B.Secondary sector
C.Tertiary sector
D. All of the above
Answer: B
5.Only…………….. are included to know the total production in each sector.
A.Final goods and services
B.Intermediate goods
C. Only goods
D. Only services
Answer: A
6.In the past 100 years, there has been a further shift from secondary to………..in development countries.
A. Primary Sector
B.Organised Sector
C.Tertiary sector
D. Unorganised sector
Answer: C
7.A situation in which more persons are employed on a job than are optimally required.
A.Structural unemployment
B., Disguised unemployment
C.Cyclical unemployment
D. Seasonal unemployment
Answer: B
8.In rural areas, the unorganised sector mostly comprises of
A. Landless agricultural laborers
B.Garment makers
C. Street vendors
D. Sharecroppers and artisans
Answer: A
9.Which of the following does not generally find itself in an unorganised sector?
A. Scheduled castes
B. Scheduled tribes
C. Rich families
D. Backward communities
Answer: C
10.Government owns most of the assets and provides all the services
A. Private sector
B. Public sector
C. Organised Sector
D. Tertiary sector
Answer: B
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ALSO VISIT : DEVELOPMENT MCQ FOR MRSAFPI