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Question

"In the past 50 years, there has been a further shift from industry to service sector for developed countries. The service sector has become the most important sector in terms of total production. Most of the working people have also made a shift and are now employed in the service sector and most of the production activities are those of services and not manufactured goods. This is the general pattern observed in developed countries”.
Is a similar pattern observed for India? Give your opinion?


Solution

i) In the past 50 years there has been an increase in the production of the industrial sector than the agricultural sector.
ii) People have started to work more in industries, and the contribution of the industrial and service sector in GDP has also increased.
iii) The similar trend could be noticed in the case of India too. The output share of agriculture has fallen, and that of industrial and service sector has increased.
iv) This is due to the high rate of employability in these sectors and the mass production that is done.

Economics

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