Question

hightlight any3 factor responsible for growth of servive sector in indian economy

Answer 1

The major factors responsible for high growth of the service sector are as under :

(i) Development of means of transport and com-munication due to globalization.

(ii) Development of banking and insurance sector

due to the policy of privatization.

(iii) Expenditure on the development of infrastructure.

(iv) Investment in different service sectors due to

indigenous and foreign institutional investment.

(v) Rapid industrialisation.

(vi) Development of agriculture due to Green Revolution.

Answer 2

There has been high growth of the service sector in India. There is too much demand for services because :
(a) It is more profitable to contract services from developing countries.
(b) There is easy availability of skilled manpower at lower wage rate.