Question

Explain the concept of service. Do you think that the importance of service sector in our economy is on the rise? Give reasons for your answers.

Answer 1

Answer:

In economics, a service is a transaction in which no physical goods are transferred from the seller to the buyer.

The Role of the Service Sector in the Indian Economy.The services sector has the highest growth rate and is the least volatile sector. Growth is particularly marked in public services, IT and financial services. In some areas the growth rate of the services sector is 40-50% due to increased use of mobile technologies.

Explanation:

Answer 2

Service sector comprises the 'soft' sectors of the economy, i.e. activities in which people offer their expertise and time to enhance  productivity, output, capacity and sustainable growth. Service production, rather than end goods, is the essential feature of this industry. Services comprise  attention, guidance, experience and conversation (also known as "intangible goods"). In general , information production is also considered a service

Explanation:

• Services that include transportation of merchandise, supplies and sales of goods from a manufacturer to a customer for wholesale and retail purposes, such as the delivery of services, such as pest control or entertainment. Services or the "tertiary sector" of the economy comprise a wide range of activities include trading, banking , financial, infotainment, real estate, security, transport, management & technical consulting among many others services or the "tertiary sector" in the economy.
• The global economy is more and more regarded as a service economy. This is partly because the services sector is increasingly relevant in the economies of the most advanced and developing nations. In reality, service sector development has long been regarded as a sign of economic progress in a nation.
• Economic experience shows us that all developed countries often have seen a change from agriculture to manufacturing and then the service sector as the economic pillar. This change also resulted in a change in the definition of goods and services.
• India's service sector is very important as it accounts for half of the Indian economy's GDP growth. The service sector makes an significant contribution to GDP in most states and offers employment, resources and public services for the economy. Employment is growing due to the growth of the service sector. Trade in services will boost economic efficiency, provide a range of export opportunities, both traditional and new.
• The service sector provides finance, distribution, transport and insurance for agricultural production. Expanding activities in the service sector also boost activities in the secondary sector. In reducing income inequality disparities in the economy the service sector will play a significant role. The services sector is a major driver of the economic growth of India.
• The sector had contributed 55.39 percent to India’s "Gross Value Added" (GVA) at current price in FY20.  Services sector is the biggest recipient of FDI in India with inflow of US dollars 82 billion between April 2000-March 2020. Indian healthcare firms are entering into mergers & acquisition  with domestic & foreign firms to drive growth & gain new markets.
• The Govt. of India recognizes the importance of fostering development in the service sector and offers various opportunities across a wide spectrum of sectors such as healthcare, education, tourism electronics, telecom, shipping, IT, banking, management, finance, and so on.

To know more

how and why the Indian government invest in service sector ...

https://brainly.in/question/11229539