Question

does the tertiary sector play a significant role in the development of indian economy

Answer 1

Yes, tertiary sector plays a significant role in the development of Indian economy. It contributes vital services to the economy like health and education. The contribution to GDP by this sector is calculated as the sum of the wages and salaries paid to individuals working in this sector. The wages and salaries are interpreted as the measure of the value added by these individuals to the economy of the country. Hence, the sum of the wages is interpreted as the contribution to GDP by the tertiary sector.