The question asks for the estimated contribution of the services sector to the Gross Value Added (GVA) at current prices in the Indian economy for the fiscal year 2024-25.
To understand this, we need to know the composition of the Indian economy in terms of various sectors. The economy is typically divided into three sectors:
- Primary Sector (Agriculture and allied activities)
- Secondary Sector (Industries and Manufacturing)
- Tertiary Sector (Services)
The services sector comprises various sub-sectors such as trade, hotels, transport, communication, financial services, real estate, public administration, etc. Historically, the services sector has been a dominant contributor to India's GDP, usually accounting for more than 50%.
In recent years, the sector has continued to grow due to increasing industrialization, urbanization, and technological advancement.
Given the options:
- 25%
- 35%
- 45%
- 55%
The correct answer is 55%. This choice reflects the typical contribution range seen in recent years, and current estimates for 2024-25 are likely to project similar or growing trends.
We conclude that in the Indian economy, the services sector remains a significant part, highlighting its role in economic growth and development.
Important Questions from National Income Accounting
- A Giffen good exhibits an upward-sloping demand curve, a unique characteristic where the Law of Demand is violated. This phenomenon primarily arises when the negative income effect of a price change is so substantial that it outweighs the substitution effect. Based on this, which statement correctly describes the nature of the overall price effect and the income effect for a Giffen good?
In the context of Indian economy, consider the following statements:
1) The growth rate of GDP has steadily increased in the last five years.
2) The growth rate in per capita income has steadily increased in the last five years.
Which of the statements given above is/are correct?
The national income of a country for a given period is equal to the
Which of the following Institutions estimate the national income of India?
During a recession when GDP falls, disposable income _______.
