ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The private sector grows the GDP because it is operated by entrepreneurs who start businesses.
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The public sector grows the GDP because it is operated by entrepreneurs who start businesses.
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The private sector grows the GDP because it is operated by government who start businesses.
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The public sector grows the GDP because it is operated by government who start businesses.
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Detailed explanation-1: -Solved Question for You Entrepreneurship is concerned with the production of goods and services in the economy. Thus, it directly affects employment, revenue generation, and foreign exchange. Therefore, it affects the whole economy in general.
Detailed explanation-2: -In 2021, agriculture contributed 4.3 percent, industry contributed approximately 27.59 percent and services contributed about 64.43 percent to the global gross domestic product.
Detailed explanation-3: -Robust demand, increasing investments and higher exports have made the services sector a significant contributor to India’s GDP growth.
Detailed explanation-4: -The use of public sector in developing countries like India is very necessary because of following reasons: It promotes rapid economic development through infrastructure creation. It creates employment opportunities. It generates financial resources for further development.