Question

What is the significance of service sector in india economy? In points

Answer 1

Answer:

The significance of service or tertiary sector in Indian economy are as follows:

1)It helps in transportation

2)It increases the economy of the India by transporting the goods and services

3)It increases the economy of the people for which the demand of service sector in India

Answer 2

The service sector has evidently become an extremely important sector in Indian economy.Its share in the GDP of the country has increased sharply in last few decades making it one of crucial attributes of economic growth in our country.

Explanation:

Main significance of service sector in India:-

1. Based on data from last 5 to 6 years,the contribution of service to the GDP of the country has expanded to a staggering 60%.
2. It has also become the fastest growing sector in the Indian economy.
3. Aside from being a significant contributor to the domestic economy,the service sector also stands as an important sector in international trade,export industry and labor market.
4. The service sector also contributes significantly in employment generation of the country having so many different industries within sector such as IT Services,Consulting business,Tourism and Hospitality,Education and Medical fields and so forth.