Question

Evolution and growth of service sector in india

Answer 1

Explanation:

Evolution growth of services sector. ... – The compound annual growth rate (CAGR) of services sector GDP was 8.5 per cent for the period 2000-01 to 2013- 14. – As per the survey, in India, the growth of services-sector gross domestic product (GDP) has been higher than that of overall GDP between the FY01- FY14.

Answer 2

ANSWER:

In India, the significance of service sector has been rising continually over the years. With the unceasing expansion of India’s service sector, both with regard to diversity and volume, the prominence of the service sector globally has been rapidly increasing, thereby contributing more towards employment and global output. In alignment with international trend, the Indian service sector has seen a nunprecedented growth and is one of the key contributors to the nation’s national income in recent times. Service sector today accounts for a major share of India’s Gross Domestic Product (GDP).

EXPLANATION:

     India’s services sector with approximately 60 per cent contribution to GDP, has made swift strides in over the last few decades and developed as the biggest and fastest-growing industry of the Indian economy.

     In addition to being the prevailing sector in India’s GDP, it has contributed significantly towards national and states’ incomes, employment, exports, and foreign investments flow.

     India’s service sector encompasses a wide range of activities which have different dimensions and features. They comprise trade, transport, restaurants and hotels, communication and storage, insurance, financing, business and real estate services, personal and social services, community, and services related to construction.