ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Economic growth is necessary and sufficient to eradicate most of absolute poverty. False 3. As incomes rise there tends to be a shift of labor from the services sector to the industrial sector.
Detailed explanation-2: -Role of Service Sector for the Growth of Indian Economy: Service sector gives significant contribution in the GDP of the country. It not only provides the large number of employments but also trade in services improves economic performance significantly in the country.
Detailed explanation-3: -Industry is viewed as leading sector to economic development. We can have economies of scale by applying advanced technology and division of labour and scientific management. So production and employment will increase rapidly. This will bring economic growth and capital formation.
Detailed explanation-4: -Industrialisation in India Industrialisation provides greater opportunities for employment in small and large scale industries. In an industrial economy, industry absorbs underemployed and unemployed farmworkers, thus increasing community income.