Concepts In Territory Sector (Economics)
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I Heartfully welcome you to read this post on the concepts related to territory sector or tertiary sector. Recently I've posted concepts related to agriculture and industrial sector. You can check that also in previous ones.
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Territory Sector
The territory sector is the 3rd major sector in economy which provides all vital services for the
functioning of the economy. For example, trade, commerce, banking, insurance, personal services
like health, education etc. Friends, improvement in this sector results in a countries development along with adequate infrastructure, agriculture and industrial sectors. It indirectly supports economic development and output.
Infrastructure
In previous posts we've already discussed about the term infrastructure. irrigation, flood control, power, transport, marketing facilities helps agriculture and rural
development. Mining and manufacturing requires power, transport, banking, communication and
etc. All these facilities comes under infrastructural facilities. Development of infrastructural facilities
is very important for its economic development. Every part of the country whether rural or urban requires infrastructure for better functioning of its activities.
Economic infrastructure
It includes almost all divisions of resources Which helps to functioning of economical activities.
For example,
- Irrigation and flood control
- Energy like coal, electricity and oil
- Transports like railways, roads and shipping
- Communication like posts and telegraphs
- Banking, finance and insurance
- Science and technology.
These are the main Economical infrastructure. These enable an organization or a business to function productively and efficiently. It also enables Movement or mobilisation of labour, improvement of villages, towns, government policies, defence, etc.
Railways
railways was nationalised in the year 1950. Indian railway is the exclusive monopoly of the
government of India. Indian railways is the largest network in the world which covers 64400 KMs.
Railways in India generates employment to 1.6 million people.
Road ways
road ways is the most commonly used more of transports in India. It is a very convenient way of
transport to the people and cargo. The road ways in India have increased the traffic due to well
connected state transport. So it is the convenient transport which people feels.
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There are number of advantages to transport by using road ways. Its easy to transport, enables home delivery, flexibility in transport, less chances to loss or damage, cheaper cost, etc.
Water transport
Water transport connects canals, lakes, rivers backwaters within the country. Shipping connects main
ports of the country and as well as world. Water transport is cheapest and least mode of pollution. It is used to transport nondurable goods in long-term. It connects various water ways.
Conventional source of energy
firewood and vegetable wastes and dried animal dung, coal, petroleum and electricity are the
conventional or tradition source of energy. However, Wind power is the most used and influenced energy still in the market.
Non conventional source of energy
solar energy, wind energy, tidal energy and etc are nonconventional source of energy. Renewal
natural resources are the base for the generation of this energy. SO, conventional source of energy is the main base for non conventional energy.
G O A cloud
the information technology used by the central government, state governments and local
governments to provide online services of government is called as G O A cloud.
RBI
RBI means reserve bank of India. It is the central bank of India. RBI acts as bank of issue. It is the
monitory authority of the country, controller of credit, custodian of foreign exchange services of the
government. It was started by private holders and later it was nationalised in the year 1953.
Commercial banks
the basic function of the economical bank is to accept the deposits from the public and advancing
loans to the business or other institutions or persons. The commercial banks keep a part of deposit
as reserve with reserve bank of India. The balanced deposits amount is used to provide lones. The
process of credit creation is done by the commercial banks.
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For more detailed information: Visit Commerce concepts page.
RRB
RRB means the regional rural bank. The RRB were established in the year 1971. Their area of
occupation is completely in rural areas. Their main objective is to mobilise deposits and to provide
credit facility to small and marginal farmers, agricultural labourers, small business man and artisans
of rural area.
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For more details: visit Concepts in agricultural sector.
Insurance policy
it is a contract covering a specific period particular risk and premium between the insurance
company and the policy holder. There are number of agreements according to the needs of the service.
IRDA or or (“IRDAI”)
IRDA means insurance regulatory development authority of India. The IRDAs act was passed in 1999.
It is an autonomous body. It was given statutory status in 2000 to regulate and develop the
insurance industry in India. It has the duty to regulate, promote and ensure the growth of the
industry in India. It was renamed "IRDAI" from "IRDA" in 2014.
LIC
LIC means Life Insurance Corporation of India. The life insurance business was nationalised in 1956 in
India and life insurance corporation of India LIC came into existence. Till 1990 the LIC was only the
monopoly in life insurance business in India.
GIC
GIC means general insurance corporation of India. From 1st Jan 1973 GIC of India started functioning
with 4 subsidiaries.
a. National insurance company limited
b. New India assurance company limited
c. Oriental insurance company limited and
d. United India insurance company limited.
Domestic tourism
domestic tourists are the residence of the country who travel within the geographical boundaries of
their country. Traditionally most of the people use their vacations to visit religious places, polygamy
centres and historical places. Modern generation spends their vacations by visiting wild life
centuries, beaches, hill stations, entertaining parks, resorts, etc in the country.
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Very practical concept in daily life.
International tourism
international tourists are the passport holders who visits another country. They visits another
countries for business, leisure, medical, religious spiritual, archaeological, sports, conferences,
seminars etc.
Tourism
the activities of tourists are travelling, staying in outside places in their usual environments for not
more than one year of leisure, business and other purposes.
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Tourism is the major activity in territory sector which generates huge income to the economy. it may be domestic or international. It improves infrastructure such as hotels, resident spots , fame etc.
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The End
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