Which of the following is a major reason for the growth of the service sector in India?
A. Only agricultural growth
B. Complete absence of industrial growth
C. Liberalisation, IT revolution and rising incomes
D. Decline in demand for services
Answer: Option C
Solution (By JKSSB Mock Tests)
The service sector in India has grown rapidly due to economic liberalisation, the information technology revolution, rising incomes and global demand for services such as software and BPO.
Explanation:
Non-tax revenue includes interest receipts, dividends and profits from PSUs, fees, fines, etc. Taxes like corporation tax, income tax and customs duty are tax revenues.
Explanation:
Real Business Cycle theory attributes macroeconomic fluctuations mainly to real shocks, particularly technological disturbances, under the assumption of continuous market clearing and rational expectations.
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