Which sector contributes more to the GDP, at the higher level of development?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. Service.
- Service sector contributes more to the GDP, at the higher level of development.
- The service sector is the largest contributor to GDP in most developed economies, including India, accounting for over 50% of the GDP at higher levels of development.
- Industries Covered: Banking, finance, IT, healthcare, education, tourism, and other allied services.
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India's service sector has shown rapid growth in the last few years due to urbanization, technological advancement and globalization.
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Structural Transformation: Advanced economies experience a shift from
- India’s Share: As per recent estimates, the service sector contributes around 54% of India’s GDP, underscoring its dominant role in economic development.