.png)
India is the fastest-growing large economy in the world, with an enormous population, favorable demographics, and high catch-up potential due to low initial GDP per head.
As per the World Bank data, in 2017, India became the sixth-largest economy with a GDP of USD 2.59 trillion, relegating France to the seventh position.
India is likely to surpass the United Kingdom in the world's largest economy rankings in 2019, according to a report by global consultancy firm PwC.
Economic Activities:
The human activities which generate income are called economic activities.
E.g. farming, animal rearing, fishing, mining, gathering, manufacturing, trade, transport, banking, etc.
Non-economic Activities:
Human activities that do not generate income are called non-economic activities.
E.g. doing social work, helping the poor, charity work, etc.
On the basis of the nature of activities, economic activities are broadly grouped into
- primary,
- secondary, and
- Tertiary activities.
These groups are also called sectors.
Primary Activities:
1. The activities which are undertaken directly by using natural resources called primary activities.
2. When we produce a good by exploiting natural resources, it is an activity of the primary sector.
3. This is because it forms the base for all other products that we subsequently make.
4. Agriculture, animal husbandry, fishing, forestry, and mining are examples of primary activities.
5. Primary sector is also called agriculture and related sector because most of the natural products we get from agriculture, dairy, fishing, forestry, mining, etc.
Secondary Activities:
1. The secondary sector covers activities in which natural products are changed into other forms through ways of manufacturing.
2. This sector converts primary goods into final products.
3. It is the next step after primary e.g. using cotton fiber from the plant, we spin yarn and weave cloth.
4. Manufacturing industries and construction activities are examples of secondary sector activities.
5. This sector is associated with different kinds of industries and hence also called industrial activity.
Tertiary Activities:
1. The activities which help in the development of the primary and the secondary sector are called tertiary activities.
2. These activities do not produce good by themselves but support the production process.
3. Goods that are produced in the primary and secondary sectors would need to be transported by trucks and then sold in wholesale and retail shops.
4. Transport, storage, communication, banking, trade are some examples of the tertiary sector. 5. These activities generate services rather than goods therefore, this sector is also called the service sector.
