Quick Answer: Which Sector Is The Backbone Of Indian Economy Class 10?

Which sector provides highest employment in India?

Services on the rise While most of the Indian workforce is still employed in the agricultural sector, it is the services sector that generates most of the country’s GDP.

In fact, when looking at GDP distribution across economic sectors, agriculture lags behind with a mere 15 percent contribution..

What is the backbone of the industry?

Iron and steel industry is often referred to as the backbone of the modern industry because almost everything is either made from iron or steel or has been made using tools and machineries of these metals. It plays an important role as a basic necessity of today’s economy.

Which sector is the backbone of economy?

MSME sectorThe MSME sector is and regarded as the backbone of the Indian economy.

Are MSME backbone of Indian economy?

The MSME segment accounts for 31 percent of India’s GDP and 45 percent of exports. … The MSME sector is the backbone for high growth businesses, and with the ‘Make in India’ initiative, it has an effective impact in the area of indigenisation.

Why is the agricultural sector considered as the backbone of the economy?

“It is, after all, considered as the backbone of the economy. … It forms the basis for food and nutrition security and provide raw materials for industrialization.

Which sector is largest employer?

agricultural sectorThe agricultural sector is the largest employer in the Indian economy.

What is the manufacturing sector Why is it considered the backbone of development?

Manufacturing sector is considered the backbone of economic development because: (i)Manufacturing industries not only help in modernising agriculture, which forms the backbone of our economy, they also reduce the heavy dependence of people on agricultural income by providing them jobs in secondary and tertiary sectors.

What are the sectors of GDP?

Indian Economy is classified into three major sectors;Agriculture & Allied Sector: This sector includes forestry and fishing also. … Industry Sector: This sector includes ‘Mining & quarrying’, Manufacturing (Registered & Unregistered), Gas, Electricity, Construction, and Water supply.More items…•

Which sector will grow in next 10 years?

On the other hand, few industries like technology, machine learning, renewable energy, electric vehicles, etc are on the verge of rapid growth….Best sectors for long-term investment in IndiaInformation Technology (IT) … FMCG (Fast-moving consumer goods) … Housing finance companies. … Automobile Companies. … Infrastructure.

Which industry will grow in 2020 in India?

SynopsisRankBrand NameIndustry1One 97 / PaytmFinancial Services2GoBOLTTransport & Support Services3Saankhya LabsAerospace, Defence & Security4RazorpayFinancial Services9 more rows•Feb 1, 2020

Which sector is the backbone of Indian economy?

MSME sectorMSME sector is the backbone of Indian Economy- G.

Which sector is considered the backbone of development?

Manufacturing industriesManufacturing industries are considered the backbone of a country’s economic development.

Which sector of economy is the largest employer in India?

2. The primary sector continues to be the largest employer even now. 3. More than half of the workers in the country are working in the primary sector, mainly in agriculture, producing only a quarter of the GDP.

Which one sector is highest employment in the GDP?

GDP services sectorAnswer: The sector in which the highest employment according to GDP services sector.

What are the main sectors of Indian economy?

Top Performing Sectors of Indian EconomyAgricultural Sector: One of the most important sectors of the Indian economy remains Agriculture. … Industry Sector: Another important part of the Indian economy is the Industry sector. … Services Sector: … Food Processing: … Manufacturing Sector: