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Indian EconomyEasy

Mining is classified under which sector of the economy?

  1. A.Primary sector
  2. B.Secondary sector
  3. C.Tertiary sector
  4. D.Quaternary sector

Correct answer

A. Primary sector

Explanation

The correct answer is A, the primary sector. Mining takes a product straight out of nature without changing its form, exactly as farming, fishing and forestry do, and every activity of that kind is placed in the primary sector.

Option B, the secondary sector, would be correct only after the ore is processed: turning iron ore into steel is manufacturing and therefore secondary. Option C, the tertiary sector, covers services such as transport, trade and banking, which produce no goods of their own. Option D, the quaternary sector, is a modern extension used for knowledge based services such as research and software, and it does not appear in the standard threefold classification that examinations use. Candidates most often place mining wrongly in the secondary sector because it is heavy industrial work, so remember the test: if the product is taken directly from nature, it is primary.

Read the full article: Sectors of the Indian Economy: Primary to Tertiary

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Q5.Indian EconomyEasy

Banking and insurance are activities of which sector?

  1. A.Primary sector
  2. B.Secondary sector
  3. C.Tertiary sector
  4. D.Unorganised sector
Show answer
Correct answer: C. Tertiary sector

Banking and insurance create no physical product; they support production and trade by providing credit, moving money and covering risk, and such support activities are the core of the tertiary or service sector.