Question

indian government should be investing more on Tertiary sector. Why?

Answer 1

Answer:

The services sector is not only the dominant sector in India’s GDP, but has also attracted significant foreign investment flows, contributed significantly to exports as well as provided large-scale employment. India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction.

Market Size

The services sector is the key driver of India’s economic growth. The sector has contributed 54.17 per cent of India’s Gross Value Added at current price in 2018-19*. Net service exports stood at US$ 60.25 billion in April-December 2018 (P).

Nikkei India Services Purchasing Managers' Index (PMI) stood at 52.5 in February 2019. The expansion in services activity was driven by boost in capacity and demand along with favourable public policies.

Investments

Some of the developments and major investments by companies in the services sector in the recent past are as follows:

Leisure and business travel and tourism spending are expected to increase to US$ 234.4 billion and US$ 12.9 billion in 2018, respectively.

India’s earnings from medical tourism could exceed US$ 9 billion by 2020.

Indian healthcare companies are entering into merger and acquisitions with domestic and foreign companies to drive growth and gain new markets.

Government Initiatives

The Government of India recognises the importance of promoting growth in services sectors and provides several incentives in wide variety of sectors such as health care, tourism, education, engineering, communications, transportation, information technology, banking, finance, management, among others.

The Government of India has adopted a few initiatives in the recent past. Some of these are as follows:

Under the Mid-Term Review of Foreign Trade Policy (2015-20), the Central Government increased incentives provided under Services Exports from India Scheme (SEIS) by two per cent.

Government of India is working to remove many trade barriers to services and tabled a draft legal text on Trade Facilitation in Services to the WTO in 2017.

Explanation:

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Answer 2

As tertiary sectors is future of the economy and supports large number of people.

Explanation:

• Due to the increase in demand for trade, travel, banking, and other financial services the tertiary sector is undergoing a massive change and is continuously expanding at a fast pace.  

• Thus this is a process of development from the traditional developing economy to become a developed and self-reliant nation.

• Provide the quality of services, develop technology and infrastructure, and build long-term relationships with neighboring nations.

• Hence in order to give a boost to the economy, the government must invest more into the service sector that is the future of the Indian economy.

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