INTRODUCTION : INTRODUCTION The primary sector includes the production of raw material and basic foods. Activities associated with the primary sector include agriculture (both subsistence and commercial), mining, forestry, farming, grazing, hunting and gathering, fishing, and quarrying.
The secondary sector of the economy manufactures finished goods. All of manufacturing, processing, and construction lies within the secondary sector. Activities associated with the secondary sector include metal working and smelting, automobile production, textile production, chemical and engineering industries.
The tertiary sector of the economy is the service industry. This sector provides services to the general population and to businesses. Activities associated with this sector include retail and wholesale sales, transportation and distribution, entertainment (movies, television, radio, music ,media, tourism, insurance, banking, healthcare, and law.
What Does Gross Domestic Product - GDP Mean? : What Does Gross Domestic Product - GDP Mean? The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory. GDP = C + G + I + NXwhere:"C" is equal to all private consumption, or consumer spending, in a nation's economy"G" is the sum of government spending"I" is the sum of all the country's businesses spending on capital"NX" is the nation's total net exports, calculated as total exports minus total imports. (NX = Exports - Imports)
A NEW MEASURE : A NEW MEASURE
Contribution to gdp in 2009-10 : Contribution to gdp in 2009-10 Rs.44,64,081 cr: India’s GDP at factor cost in 2009-10
In 2009-10, Indian economy grew at 7.4%
Services sector was the fastest-growing sector at 8.5% in the fiscal
* Source:The Economic Times