Sectors of the Indian Economy

Practice flashcards covering the definitions of economic sectors, measurement of economic activity, employment types, and government acts as discussed in the lecture transcript.

Economic Activities

Activities that produce either goods or services; they are grouped into sectors to better understand the economy.

Primary Sector

The sector where goods are produced by exploiting natural resources; it forms the base for all other products and is also known as the agriculture and related sector.

Secondary Sector

The sector covering activities in which natural products are changed into other forms through manufacturing and industrial activity; it is also called the industrial sector.

Tertiary Sector

Activities that help in the development of the primary and secondary sectors by providing aid or support for the production process; it is also known as the service sector.

Intermediate Goods

Goods used up in producing final goods and services, such as wheat and wheat flour used to make biscuits.

Final Goods

Goods that reach the consumers; only their value is counted to determine the total production in each sector to avoid double counting.

Gross Domestic Product (GDP)

The value of all final goods and services produced within a country during a particular year, showing how big the economy is.

Gross Value Added (GVA)

A measure of the contribution of the three sectors of an economy after adjusting for taxes and subsidies.

National Statistical Office (NSO)

An organisation under the Ministry of Statistics and Programme Implementation, Government of India, formerly known as the National Sample Survey Organisation (NSSO).

Underemployment

A situation where people are apparently working but all of them are made to work less than their potential; their labor effort is divided.

Disguised Unemployment

A type of underemployment where more people are working than is necessary, meaning that even if some moved out, production would not be affected.

Mahatma Gandhi National Rural Employment Guarantee Act 2005 (MGNREGA 2005)

A law implementing the 'Right to Work' that guaranteed $100$ days of employment in a year to those in need in rural areas.

Viksit Bharat-G RAM G 2025

Stands for Viksit Bharat- Guarantee for Rozgar and Ajeevika Mission, which replaced the MGNREGA 2005 in the year $2025$.

Organised Sector

Enterprises or places of work where terms of employment are regular, people have assured work, and the entity follows government rules such as the Factories Act and Minimum Wages Act.

Unorganised Sector

Small and scattered units largely outside the control of the government where jobs are low-paid, often irregular, and lack benefits like paid leave or security of employment.

Public Sector

The sector where the government owns most of the assets and provides all services, with a purpose not limited to earning profits.

Private Sector

The sector where ownership of assets and delivery of services is in the hands of individuals or companies, guided by the motive to earn profits.

Tata Iron and Steel Company Limited (TISCO)

A specific example of a privately owned company mentioned in the context of the private sector.

Reliance Industries Limited (RIL)

A specific example of a privately owned company operating in the private sector.