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
Division of labour often involves
1. specialized economic activity.
2. highly distinct productive roles.
3. involving everyone in many of the same activities.
4. individuals engage in only a single activity and are dependent on others to meet their various needs.
Select the correct answer using the code given below:
Which of the following is NOT one of the methods of national income estimation?
Cash Reserve Ratio (CRR) is calculated as a percentage of each bank's _____.
What do you call a proportionate saving in costs gained by an increased level of production?
Which of the following statements is/are correct?
I. Only marketed goods and considered while estimating Gross Domestic Product (GDP).
II. The work done by a woman at her home is outside the purview of Gross Domestic Product.
III. In estimating GDP, only final goods and services are considered.
