Sectors of the Indian Economy

A set of vocabulary flashcards covering the sectors of the Indian economy, employment types, and related government acts based on the lecture notes.

Primary Sector

The economic sector where goods are produced by exploiting natural resources; it is also known as the agriculture and related sector.

Secondary Sector

The sector where natural products are changed into other forms through manufacturing; it is also known as the Industrial sector.

Tertiary Sector

Economic activities that do not produce a good themselves but provide an aid or support for the production process; also known as the service sector.

Gross Domestic Production

The total value of final goods and services produced in each sector during a particular year.

Rising income level services

Services such as tourism, shopping, private hospitals, and private schools that people start demanding more as their incomes rise.

New information services

Services based on information and communications technology that have become important over the past decade or so.

Disguised unemployment

A situation where more people are engaged in work than are required, resulting in people doing less work than their efficiency.

National Rural Employment Guarantee Act 2005

A law providing a $100$-day work guarantee in a year by the government, including unemployment allowances if employment is not provided.

Organised Sector

A sector where terms of employment are regular, the unit is registered by the government, and formal processes and procedures are followed.

Unorganised Sector

Small and scattered units largely outside the control of the government where employment is not secure and rules are not followed.