Slide 1: Service sector
Indian Economy Slide 2: Introduction:
India is fast dashing towards its dream of conversion into developed country by 2020.
Many of the highly paid software wizards in the globe have their origins 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. Slide 3: History:
Since 1960s, there has been a steady decline in the contribution of agriculture and primary sector to Gross Domestic Product (GDP), and its place has been taken by service based enterprises.
Thus, service sector encompasses the major areas of trade, finance, insurance, communications, public utilities, transportation, health care, education, business and personal services. Slide 4: Economies of advanced contries like USA, UK, Germany, Japan, Canada, & Australia have changed from goods dominated to services dominated. In several countries including India, the service sector accounts for more employment in comparison to other sectors. A statistics concerning the growth of India's service sectors are listed below: : A statistics concerning the growth of India's service sectors are listed below: The software services in Indian economy increased by 33% which registered a revenue of USD 31.4 billion
Business services grew by 82.4%
Engineering services and products exports grew by 23% and earned a revenue of USD 4.9 billion
Services concerning personal, cultural, and recreational had a growth of 96%
Financial services had a rise of 88.5%
Travel, transport, and insurance grew by 23% Slide 7: There is a tremendous growth achieved by the Indian Economy in Service Sector. The excess growth achieved in service sector may temporarily benefit the economy by providing employment opportunities to millions of people. But experts opine that high rate of Growth in Service Sector at the fall of growth rates in agriculture and industry is not good enough in the long run. Slide 8: According to recent estimation, forecastination, it was visualized that by March-April, 2006 the contribution of Service sector to the India’s GDP would be at 55%. This makes clear that we are living in “Service Imperative Era”. The enormous growth potential in the service sector has lead to the great visualization of ‘Developed India – 2020’ by many Indians. Slide 9: Thank You