Sectors Of Indian Economy — Important Questions

Multinational Corporation

MNC stands for Multinational Corporation. These are enterprises managed from their home country but have operational branches in different countries. Generally, any company that gets more than a quarter of its revenue from operations outside the home country is called an MNC. Examples include Sony (Japan), Samsung (South Korea), and Hindustan Unilever (UK).

Tertiary sector

The tertiary sector, also called the service sector, dominates the world economy at present. This sector includes banking, insurance, trade, transport, communication, health, and education. In India, the tertiary sector's contribution increased from 28% in 1950-51 to 59% in 2011-12, making it the largest contributor to the national income.

Financial institutions

Banks are financial institutions that accept different types of deposits from the general public and advance loans to those who need finance. They act as mediators between savers and investors, playing a crucial role in the economy by channeling funds from those who save to those who need capital for various purposes. This function is essential for economic development and growth.

8th biggest

Karnataka is the 8th biggest state of India, extending over an area of 1,91,791 square kilometers. The state is divided into 4 revenue divisions and 31 districts for administrative purposes. Karnataka is endowed with rich natural resources including evergreen forests of the Western Ghats, coastal regions, rich flora and fauna, and ore deposits that contribute to economic development.