Difference between Organised and Unorganised sectors of economy
In the process of classifying economic sectors, economists have divided economic sectors based on the type of work performed and the goods and services produced. These are even further categorised as an organised and unorganised sector of job conditions. The organised sector comprises formally registered businesses, having employees and employee unions, adhering to labour laws,…
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How to claim tax relief on salary arrears received by you?
This year you have received salary arrears or commutation of pension, or gratuity about previous years, and now you may fear it’s going to move you up a tax slab with the additional tax burden. This is because tax rates may be higher in the year arrears are received as compared to the year to…
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GDP contribution of different sectors: Agriculture, Industry, Services
Gross domestic product (GDP) is the total value of the goods and services produced in a country during a specific period, usually a year. There are three methods to calculate GDP. These methods are: The Output Method (all value added by each producer), The Income Method (all income generated) and. The Expenditure Method (all spending).…
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Difference between the primary, secondary, and tertiary sectors
In the process of classifying economic sectors, economists have divided economic sectors based on the type of work performed and the goods and services produced. These sectors are initially classified as primary, secondary, and tertiary Sectors. The number of sectors grew as new types of work developed, and economists defined new sectors like Quaternary and…
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List of different Revolutions in Primary (Agriculture) Sector of India
In India, after independence, there have been several different revolutions in the primary sector (agricultural revolutions) such as Green Revolution, Evergreen Revolution, Yellow Revolution, Blue Revolution, Golden Fiber Revolution, Golden Revolution, Grey Revolution, Pink Revolution, and many others. These revolutions significantly enhanced the production processes in India and increased the agricultural output. Let us learn…
Important Sectors of the Economy: Primary, Secondary, Tertiary, Quaternary and Quinary
In the process of classifying economic sectors, economists have divided economic sectors based on the type of work performed and the goods and services produced. These sectors are initially classified as primary, secondary, and tertiary Sectors. The number of sectors grew as new types of work developed, and economists defined new sectors. Currently, there are…
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