Sectors and Types of Indian Economy
Sectors of Indian Economy
An economy includes all activities related to consumption, production, trade of goods and services in an area. It applies to everyone from individuals to entities such as corporations and governments. The economy of a country is governed by its culture, laws, history, and geography, among other factors, and it evolves due to necessities of people or the nation. Because of this reason, we could not be able to see striking similar economies in the world.
The economic activities can be grouped on the basis of certain important factors. These groups are known generally as sectors.
Different Sectors of Indian Economy
I. Sectors of Indian Economy : Based on Nature of Activity
1. Primary Sector: When the goods are produced by exploiting natural resources, it comes under the activity of the primary sector. It involves transforming natural resources into primary products. It forms the base for all other products that we eventually make. Most of the natural products we get are from agriculture, dairy, fishing, forestry. Therefore, this sector is also called as Agriculture and Related Sector.
2. Secondary Sector: The secondary sector comprises activities in which natural products are changed into other forms, or finished goods by manufacturing which further used for consumption. The manufacturing could be done in a factory, workshop or at home.
Secondary Sector is usually divided into Light Industry and Heavy Industry.
• Light Industry: it involves products that require less capital and is more consumer-oriented.
• Heavy Industry: it involves products that are either heavy in weight or in their production process. They require huge capital and advanced resources or facilities.
3. Tertiary Sector: The activities in tertiary sector helps in the development of the primary and secondary sectors. These activities do not produce any good but they provide support for the production process.
II. Sectors of Indian Economy : Based on Condition of Work
1. Organized sector:
2. Unorganized Sector:
III. Sectors of Indian Economy : Based on Ownership of Assets
1.Private Sector
2.Public Sector
Types of Economies :
1. Agrarian Economy:
2. Industrial Economy:
3. Service Economy
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