Growth of Service Industry

Service Sector of Indian Economy contributes to around 55 portion of Indias gross domestic product during 2006-07. This sector plays a leading occasion in the economy of India, and contributes to around 68.6 percent of the overall intermediate maturation in GDP between 2002-03 and 2006-07. There has been a 9.4 percent improver in the Indian economy during 2006-07 as against a rise of 9 percent in the comparable during 2006-06. During this growth in Indian economy, the redevelopment sector witnessed a rise of 11 percent in the year 2006-07 against the 9.8 percent growth in 2005-06. The service sectors of Indian economy that rich person grown faster than the economy are as follows: entropy Technology (the most leading service sectors in Indian economy) IT-enabled function Telecommunicatings Financial Services Community Services Hotels and Restaurants There has been a 13 percent hike in the service sectors of business deal, hotels, transport and communication in Indias economy as compared to the 10.4 percent rise in the previous year. The financial services that comprise of banks, real estate, insurance, and business sector services witnessed a rise of 11.1 percent during 2006-07 against the 10.9 percent growth in the previous year. Service sectors including community, social, and personal services experient a growth of 7.

8 percent during 2006-07 as against 7.7 percent growth in the previous year. There was marked acceleration in services sector growth in the eighties and nineties, peculiarly in the nineties. While the share of services in Indias GDP increased by 21 per cent points in the 50 years between 1950 and 2000, nearly 40 per cent of that increase was concentrated in the nineties. While almost all service sectors participated in this boom, growth was fastest in communications, banking, hotels and restaurants, community services, trade and business services. One of the reasons for the sudden growth in the services sector in India in the nineties was the liberalization in the regulatory... If you want to get a full essay, order it on our website: Orderessay

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