Indian Economy Growth
The service sector, also called the tertiary sector, is one of the three parts of the economy in the Three-sector hypothesis. This hypothesis breaks the economy into three main areas so it can be better understood. The other two are the primary sector, which covers areas such as farming, mining and fishing; and the secondary sector which covers manufacturing and making things.
The service sector provides a service, not an actual product that could be held in your hand. Activities in the service sector include retail, banks, hotels, real estate, education, health, social work, transport, computer services, recreation, media, communications, electricity, gas and water supply.
ndian economy's orientation is changing from a manufacturing/ agriculture dominated to a knowledge-based one, wherein modern technologies and high value-added services are significantly contributing to the country's gross domestic product (GDP). Services sector accounts for about 60 per cent of India - Asia's third largest economy. Some of India's top services exports are software, back-office support and banking services.
'Services' is a huge basket that comprises numerous sub-industry-segments like financial, educational, telecom, digital (including internet), travel & tourism, construction, consultation, IT et al. Certain recent developments, investments and government initiatives pertaining to some of such sub-segments are discussed hereafter.
Key Statistics
Indian service sector enjoyed foreign direct investment (FDI) inflows amounting to US$ 3.64 billion during April-November 2012, according to the recent statistics released by the Department of Industrial Policy and Promotion (DIPP).
Foreign investment in the services sector, which contributes over 50 per cent in India's GDP, grew to US$ 5.21 billion in 2011-12 from US$ 3.29 billion in 2010-11.
Activity in India's service sector expanded at the fastest pace in a year in January 2013. The HSBC Markit services Purchasing
The service sector provides a service, not an actual product that could be held in your hand. Activities in the service sector include retail, banks, hotels, real estate, education, health, social work, transport, computer services, recreation, media, communications, electricity, gas and water supply.
ndian economy's orientation is changing from a manufacturing/ agriculture dominated to a knowledge-based one, wherein modern technologies and high value-added services are significantly contributing to the country's gross domestic product (GDP). Services sector accounts for about 60 per cent of India - Asia's third largest economy. Some of India's top services exports are software, back-office support and banking services.
'Services' is a huge basket that comprises numerous sub-industry-segments like financial, educational, telecom, digital (including internet), travel & tourism, construction, consultation, IT et al. Certain recent developments, investments and government initiatives pertaining to some of such sub-segments are discussed hereafter.
Key Statistics
Indian service sector enjoyed foreign direct investment (FDI) inflows amounting to US$ 3.64 billion during April-November 2012, according to the recent statistics released by the Department of Industrial Policy and Promotion (DIPP).
Foreign investment in the services sector, which contributes over 50 per cent in India's GDP, grew to US$ 5.21 billion in 2011-12 from US$ 3.29 billion in 2010-11.
Activity in India's service sector expanded at the fastest pace in a year in January 2013. The HSBC Markit services Purchasing