What is the economy dependent on?
“Economic dependence is a situation in which the cost or the revenues associated with a given project are dependent on the cost or revenues generated by another project.” “The concept is found within companies, industries, and even the economies of different countries.”
Which sector is the backbone of Indian economy?
The secondary sector is the backbone of the Indian economy.
What do you mean by Indian economy?
Indian economy is termed as the developing economy of the world. Some features like low per capita income, higher population below poverty line, poor infrastructure, agriculture based economy and lower rate of capital formation, tagged it as a developing economy in the world.
What are the 3 main sectors of the economy?
The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (tertiary).
Who is the back bone of India?
Agriculture is the backbone of the Indian economy, as 75% of the population of India depends on agriculture.