GENERAL KNOWLEDGE

Detailed explanation-1: -The services sector is the largest sector of India. Hence the correct answer is option 1. Gross Value Added (GVA) at current prices for the services sector is estimated at 96.54 lakh crore INR in 2020-21. The services sector accounts for 53.89% of total India’s GVA of 179.15 lakh crore Indian rupees.

Detailed explanation-2: -In a simple economy, the income comes from two sources. (a) the household sector and (b) the firms sector. These generate income through mutual exchange. The household sectors own the factors of production and supply them to the firms.

Detailed explanation-3: -India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction.

Detailed explanation-4: -They are three sectors in the Indian economy, they are; primary economy, secondary economy, and tertiary economy. In terms of operations, the Indian economy is divided into organized and unorganized. While for ownership, it is divided into the public sector and the private sector.