Sectors of the Indian Economy Test - 5

The private sector is the part of the economy, sometimes referred to as the citizen sector, which is run by private individuals or groups, usually as a means of enterprise for profit, and is not controlled by the State. Spice jet is an example of private sector and therefore it belongs to private sector whereas rest three belongs to public sector.

Primary sector is the most important sector of economic development of any country at initial stage of development. Primary industry tends to make up a larger portion of the economy of developing countries than they do for developed countries. It is the development of primary sector which leads to the development of other two sectors. 

Tertiary sector is also called as the Service Sector. It provides services to the primary and secondary sectors. The tertiary sector of the economy is that which relates to the tertiary industry i.e. the industry which provides services to the consumers. Most of the working people are employed in tertiary sector. Thus for a developed economy, tertiary sector is important in terms of total production. 

The Central Statistics Office (CSO), under the Ministry of Statistics and Program Implementation, is responsible for macroeconomic data gathering and statistical record keeping. Its processes involve conducting an annual survey of industries and compilation of various indexes like the Index of Industrial Production (IIP), Consumer Price Index (CPI)etc. 

Mahatma Gandhi National Rural Employment Guarantee Act", MGNREGA, is an Indian labour law and social security measure that aims to guarantee the 'right to work'. The Central Government in India has made a law implanting the Right to Work. It is called MGNREGA 2005. It aims to enhance livelihood security in rural areas by providing at least 100 days of wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work. 

Mahatma Gandhi National Rural Employment Guarantee Act", MGNREGA, is an Indian labour law and social security measure that aims to guarantee the 'right to work'. It aims to enhance livelihood security in rural areas by providing at least 100 days of wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work. 

MGNREGA 2005 is a law implemented by the Central Government of India to implement Right to work in India. It is referred to as ‘Right to Work’ because it guarantees 100 days of employment in a year by the government to all those who are able to work.

Organized sector covers those enterprises or places of work which are registered by the government and have to follow its rules and regulations which are given in various laws such as the Factories act, minimum wages act, etc.Workers in the organized sector enjoy security of employment. They work only a fixed number of hours. If they work more, they have to be paid overtime by the employer.

A daily wage labourer working under a contractor is an unorganized activity since the labourer has no job security. Further in an unorganised sector there is no provision of overtime, paid leave, holidays, leave due to sickness, etc. 

The Public Sector is usually comprised of organizations that are owned and operated by the government and exist to provide services for its citizens . The public sector might provide services that a non-payer cannot be excluded from (such as street lighting), services which benefit all of society rather than just the individual who uses the service. Railways belongs to public sector and rest of the three belongs to private sector.