NCERT Class 10 Economics Chapter 2: Sectors of Indian Economy YouTube Lecture Handouts

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Chapter 2: Sectors of Indian Economy

Primary Sector

  • We depend mainly not entirely on natural factors like rainfall & Climate

  • Agriculture

  • Dairy

  • Mining

  • Fishing

  • Forestry

Secondary Sector

  • Natural product is changed to other form

  • Product is not produced by nature

  • Factory, workshop or at home

  • Industrial sector

  • Earth Bricks Buildings

Tertiary Sector

  • Aid and support the production

  • Transport to sell them at wholesale or retail shops

  • Communication

  • Banking

  • Storage

  • Trade

  • Generates service Service Sector

Quaternary Sector

  • Intellectual activities

  • Government, culture, libraries

  • R & D, education, and IT

  • Consultancy

Quinary Sector

  • Highest levels of decision making

  • Top executives or officials

How to Count Goods & Services?

  • Farmer Flour Mill Biscuit, Factory Packed Biscuits

  • Final value counted – includes intermediate values

GDP

  • Gross Domestic Product

  • Production of

  • Value of all final goods & services produced within a country during a particular year

  • Shows how big economy is

Changing Paradigms

  • India – Gradual shift from

  • Share of employment in is highest

  • Share in GDP is highest from sector

  • is largest producing sector since 2000 in India

  • Rising basic services in villages

  • Development in Agriculture leads to transport

  • Rising income restaurants, tourism

  • New services ICT

Ponder Around!

  • Industrial output 8 times; employment 2.5 times

  • Services production 11 times; employment by < 1 times

  • >50% population in agriculture with <25% of GDP implies workers are underemployed or disguised unemployment

  • Even if you pull out workers, no impact on output

Creating Employment

  • Improving irrigation

  • Investing in transport

  • Credit by local banks

  • Locate industries in semi-rural areas

  • Opening cold storage

  • Only 2/3rd children attend school – open schools – more staff

  • Improve health care – more doctors, nurses

  • Improve tourism & cope for extra 35 lakh jobs

  • Right to Work

  • National Rural Employment Guarantee Act 2005 (NREGA) - guaranteed 100 days of employment per year

Organized Sector

  • Formal sector

  • Assured employment

  • Follow rules and regulations like Factories Act, Minimum Wages Act

  • Must be registered

  • Job security

  • Work only for fixed hours

  • Get paid leave, payment during holidays, PF, gratuity etc.

  • Get medical benefits

  • Get retirement benefits

Unorganized Sector

  • Small and scattered

  • No government control

  • Low paid & irregular jobs

  • Less work

  • Seasonal employment

Protecting Workers of Unorganized Sector

  • In 1990’s many organized workers lost jobs

  • Organized shift to unorganized to evade taxes with low salary

  • 80% rural households are small and marginal farmers

  • Casual workers in construction, trade

  • Street vendors, rag pickers

  • Majority from SC/ST/ OBCs in unorganized sector

  • Providing social security

Sectors by Ownership

  • Public: Government owns assets and provides services (Railways, Post Office) – money from taxes

  • Private: Ownership by private company (TISCO, Reliance) – profit motive

  • Government supports – for producing electricity at reasonable rates for industries; health; education

  • Fair price – PDS – Ration shops

  • Safe drinking water, housing, nutrition – Govt.