What are the major factors responsible for high growth of service sector post 1991?
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Several factors have contributed to the growth of this sector in India. These include growing affluence, improving status of women, growth of IT sector, development of markets, health care consciousness, opening up of the economy etc.
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Reforms introduced in 1991, removes various restriction on the movement of international finance which led to huge inflow of foreign capital,foreign direct investments and Outsourcing to India. This encouraged the service sector growth . ➽ Availability of cheap labour and skilled labour at lower wage rate.
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