BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Services
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Agriculture
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Industry
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Both Agriculture and Industry
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Detailed explanation-1: -Detailed Solution. The correct answer is option 3 i.e., Service sector. The service sector contributes the largest share to National Income in India in the 21st Century. The service sector is the backbone of the Indian economy and contributing around 53% of the Indian GDP.
Detailed explanation-2: -The service sector is the largest contributor to the national income of India. In 2019–20, the service sector accounted for 54.77% in India’s gross value added.
Detailed explanation-3: -The service sector, also called the tertiary sector contributes most of the GDP in India.
Detailed explanation-4: -It is the service sector which is the main source of national income. Therefore service sector contribute more than 50% of the GDP. But it is the agricultural sector which employs more than 50% of the population. In that sense, more number of people in India are supported by agriculture.
Detailed explanation-5: -The proportion of GDP contributed by the industrial sector increased in the period from 11.8 per cent in 1950-51 to 24.6 per cent in 1990-91.