How can service activity help in the overall development of a country?
Answers
As manufacturing gains momentum in the days to come, the service sector too is bound to grow with it. Hotels, restaurants, airlines, tourism, advertising etc. shall all grow along with the brick and mortar industry. People need to travel, they need to stay in hotels when away from home, they need to have their meals and so on. In competitive situations or to remind consumers of their products, marketers need to advertise. People shall either come to visit India from abroad or domestic tourists take holidays in droves once in a while as the country prospers and taps the tourism potential of this vast land of colour and charm. As a collective unit,service sector shall experience an exponential growth in the next decade or more.
The growth of the sectors mentioned above will create a lot of employment opportunities in the days to come and trigger a phenomenal growth in terms of economic development as the per capita GDP will certainly rise. Added to all this activity, the IT industry, which is largely service oriented, will continue to be our highest foreign exchange earner in this sector.
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