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Tertiary Sector

📆 October 11, 2024

Total Questions: 24

21. In India, between 2001 to 2005, growth rate of which sector has consistently increased? [U.P.P.C.S. (Mains) 2007*]

Correct Answer: (c) Service
Solution:Between 2001 to 2005, growth rate of services sector had consistently increased from 5.6% to 9.9%. Growth rate of services sector is estimated at 9.2% in 2021-22 (2nd R.E.) and 10.0% in 2022-23 (1ª R.E.), but it was contracted by 8.4% in 2020-21 (3d R.E.)

The service sector includes industries offering intangible services, such as finance, banking, insurance, real estate, telecommunications, healthcare, education, tourism, hospitality, IT, and ΒΡΟ.
Contribution of India's Service Sector:

  • The services sector contributes over 50% to India's GDP.
  • While the Covid-19 pandemic has hurt most sectors of the economy, the services sector has been the worst affected, as its share in India's Gross value added (GVA) declined from 55% in 2019-20 to 53% in 2021-22.
  • India is the export hub for software services. The Indian IT outsourcing service market is expected to grow 6-8% between 2021 and 2024.
  • In September 2023, India retained its 40th rank in the Global Innovation Index (GII), due to successful advancements in services that are technologically dynamic and can be traded internationally.
  • The Indian services sector was the largest recipient of FDI inflows worth USD 108 billion between April 2000 and December 2023.

22. As the economy develops, the share of the tertiary sector in the GDP: [U.P.P.C.S. (Mains) 2006*]

Correct Answer: (c) Increases
Solution:In the growing economy, the share of the tertiary sector in the GDP increases, With the development of Indian economy, the share of tertiary sector in the India's GDP has been gradually increasing from 30.3% in 1950-51 to 37.65% in 1980. 81,42.55% in 1990-91 and further to 50.37% in 2000-01. As per the 2nd A.E. of 2023-24, the services sector's significance in the Indian economy has continued to increase with the sector now accounting for 54.9 percent of the total GVA of the economy.

23. During 2011-12 to 2015-16, the contribution of Services Sector in the growth rate to Indian economy is: [Chhattisgarh P.C.S (Pre) 2017]

Correct Answer: (c) 69.0 percent
Solution:During 2011-12 to 2015-16, the contribution of Services Sector in the GVA growth rate of Indian economy was about 69.0 percent. In 2017-18, the Services Sector contributed almost 72.5 percent of GVA growth. Despite the growth moderation, services sector growth continues to outperform agriculture and industry sector growth, contributing more than 60 percent in 2018-19 and around 55 percent in 2019-20) to total GVA growth. However, due to COVID-19 pandemic, GVA of services sector was contracted by 8.4 percent in 2020- 21 (3rd R.E.). This sector is estimated to grow by 9.2 percent in 2021-22 (2nd R.E.) and 10.0 percent in 2022-23 (1 R.E.).

24. According to Economic Survey 2023 about services, which statement among the following is not correct? [U.P.P.C.S. (Pre) 2023]

Correct Answer: (a) Fashion, grocery and general merchandise will be captured nearly two-third of the Indian e-commerce market by 2030.
Solution:According to Economic Survey 2023 (2022-23), Fashion, grocery and general merchandise will be captured nearly two-thirds of the Indian e-commerce market by 2027. Hence, statement of option (a) is not correct. Statements of other three options are correct as per the Economic Survey 2023.

The service sector includes industries offering intangible services, such as finance, banking, insurance, real estate, telecommunications, healthcare, education, tourism, hospitality, IT, and ΒΡΟ.
Contribution of India's Service Sector:

  • The services sector contributes over 50% to India's GDP.
  • While the Covid-19 pandemic has hurt most sectors of the economy, the services sector has been the worst affected, as its share in India's Gross value added (GVA) declined from 55% in 2019-20 to 53% in 2021-22.
  • India is the export hub for software services. The Indian IT outsourcing service market is expected to grow 6-8% between 2021 and 2024.
  • In September 2023, India retained its 40th rank in the Global Innovation Index (GII), due to successful advancements in services that are technologically dynamic and can be traded internationally.
  • The Indian services sector was the largest recipient of FDI inflows worth USD 108 billion between April 2000 and December 2023.
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