Question

Which of the following statements is correct with regards to India?

• A. Tertiary sector contributes the maximum to GDP.
• B. India is basically a socialist economy.
• C. In India, distribution of income and wealth is quite equitable.
• D. None of the above.

Answer 1

Answer: (A)

Tertiary sector contributes the maximum to GDP.

Sector which includes trade, transport, banking, communication and services is known as tertiary sector. Tertiary sector mainly deals with services. Hence, tertiary sector is also known as service sector of the economy. Service sector is the largest contributor to GDP in India.