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    Service Sector Contributing To India's Economy

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    Suraj Kalra
    The service sector has become a major contributor to India's economy, accounting for over half of GDP. It has grown significantly since the 1960s as the agriculture sector declined, encompassing areas like trade, finance, insurance, and business services. The service sector now employs over half the workforce and has been a large factor in India's economic growth, with its share of GDP expected to continue increasing towards two-thirds as the country develops further.

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    Service Sector Contributing To India's Economy

    Uploaded by

    Suraj Kalra
    86 views13 pages
    The service sector has become a major contributor to India's economy, accounting for over half of GDP. It has grown significantly since the 1960s as the agriculture sector declined, encompassing areas like trade, finance, insurance, and business services. The service sector now employs over half the workforce and has been a large factor in India's economic growth, with its share of GDP expected to continue increasing towards two-thirds as the country develops further.

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    The service sector has become a major contributor to India's economy, accounting for over half of GDP. It has grown significantly since the 1960s as the agriculture sector declined, encompassing areas like trade, finance, insurance, and business services. The service sector now employs over half the workforce and has been a large factor in India's economic growth, with its share of GDP expected to continue increasing towards two-thirds as the country develops further.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    86 views13 pages

    Service Sector Contributing To India's Economy

    Uploaded by

    Suraj Kalra
    The service sector has become a major contributor to India's economy, accounting for over half of GDP. It has grown significantly since the 1960s as the agriculture sector declined, encompassing areas like trade, finance, insurance, and business services. The service sector now employs over half the workforce and has been a large factor in India's economic growth, with its share of GDP expected to continue increasing towards two-thirds as the country develops further.

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    Service sector contributing to indias economy

    INTRODUCTION
    India is pacing towards its dream of conversion into developed country by 2020. Many of the highly paid software wizards on the globe, have their origin in india, and hence the emergence of service sector has taken a steep positive slope in india. A well developed country needs a well established service sector

    HISTORY
    Since 1960 there has been a steady decline in the contribution of agriculture and primary sector to gross domestic product, and its place has been taken by sevice based enterprise. Thus, service sector encompasses the major area of trade finance, insurance, communication, public utilities, transpotation, health care,education, business and public services.

    The Economy of India is the ninth largestin the world by nominal GDP and the third largest by purchasing power parity (PPP).[The country is one of the G-20 major economies and a member of BRICS. The country's per capita GDP (nominal) was $1,527 (IMF, 135th in the world) in 2011, making it a lower-middle income economy.

    VARIOUS FACTOR THAT CONTRIBUTE TO SERVICE SECTOR Trade Hotels and restaurants Railways Other transport & storage Communication Banking Realestate Personal services

    Role of agricultural industrial and service sector in GDP


    1.Economic development in India still depends on the various sectors that constitute the Indian economy agriculture, services and manufacturing industries. 2.In 2009, the agricultural sector contributed 17.5% to the entire GDP, and more than 50% of the total labor force working in India is employed in the agricultural sector. 3.Industry accounts for 28% of the GDP and employ 14% of the total workforce. 4.India is 13th in services output. The services sector provides employment to 23% of the work force and is growing quickly, with a growth rate of 7.5% in 19912000, up from 4.5% in 195180.

    Cont .

    It has the largest share in the GDP, accounting for 55% in 2007, up from 15% in 1950.

    REAL GDP BY SECTORS

    The sectoral breakdown of GDP in 2008 shows services by far as the largest contributor (66.8 percent of total) followed by construction (12.2 percent), public administration, and industry (Table 2). Within services, the largest subsectors were trade(24.8 percent), transport and communication (8.2 percent), financial services (7.6 percent), and education (7.4 percent). The sector of energy and water supply had a negative share ,since its valueadded has been negative since 2005the value of its inputs exceeds the value

    GROWTH EXPECTED IN INDIA IN 2006


    GDP GDP

    USD 590 billion growth rate 9 %

    Services FDI

    contribution 54 %

    limit not 100 percent in major industry sectors such as Telecom, Semiconductors, Automobiles, etc. of Trade USD (-)46.2 billion

    Balance

    Investment

    goal USD 250 billion

    IN 2008
    GDP GDP

    USD 750 billion

    growth rate 9.5%


    contribution 60 %

    Services FDI

    limit is expected to be close to 100 percent in major industry sectors such as Telecom, Semiconductors, Automobiles, etc. of Trade Should increase with surging exports as compared with imports goal USD 305 billion

    Balance

    Investment

    IN 2012
    GDP GDP

    USD 900 billion

    growth rate 9%
    contribution 60-65 %

    Services FDI

    limit is expected to be 100 percent in major industry sectors such as Telecom, Semiconductors, Automobiles, etc. of Trade Should be positive with increased level of exports as compared with imports goal USD 370 billion

    Balance

    Investment

    Service sector
    1.Service sector is the lifeline for the social economic growth of a country. It is today the largest and fastest growing sector globally contributing more to the global output and employing more people than any other sector. 2.The real reason for the growth of the service sector is due to the increase in urbanization, privatization and more demand for intermediate and final consumer services. Availability of quality services is vital for the well being of the economy. 3 .Indian service sector has witnessed a major boom and is one of the major contributors to both employment and national income in recent times.

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