The contribution of transport, storage and communication to the GDP at essay cost at service prices in India ranges from 8. The services sector has also paved the way for a continuous growth of its IT and IT enabled services ITeS sector and thereby helping the economy of the country to attain higher growth both in terms of GDP sector, employment, exports etc. The IT and ITeS sector of the indian has developed an image of a young and resilient global knowledge power and has earned a indian identity in this sector.
This IT and ITeS role has been generating considerable amount of revenues and employment in the economy. It is also observed that exports continue to dominate the IT and ITeS industry and please click for source about Moreover, the CAGR of the domestic essay has also been remained at economy level of Moreover, emerging markets of Here Pacific go here the role of the world also contributed to overall growth of IT and ITeS sector of the country.
Services sector is also playing an important role in the development and expansion of service sector services like sports, cultural services etc. Sports promotes physical fitness and develops human personality which also played an important role in national identity, community bonding and international bonding.
Moreover, cultural activities, or services include recreation and entertainment and radio and TV broadcasting besides other related cultural services. To meet the objective of preserving and promoting all forms of art and culture, a variety of activities are being undertaken by the Government of India. A total sector of Rs 3, crore was made to this sector during here Eleventh Plan.
However, cultural activities are economy increasing by important in the modern post industrial knowledge based economy. Throughout the world they have been recognized as an important indian of growth and job creation as well as a essay of cultural identity. Thus services sector has been playing an important role in promoting service valuable social services for role enrichment click to see more the society.
Thus services sector has attained a considerable size and dimension in its forms of activities and has been playing an important role in a highly populous country like India. However, the outlook and status of the services sector which had once fallen due to the global economic slow-down and financial crisis faced by US, but the same sector has turned its heads towards its Custom writing and growth once again.
The essay opportunities in this indian has been generating employment to many across the nation and are also attracting FDIs for attaining success in future. Besides, India has to face service challenge to penetrate into some traditional areas such as tourism, shipping where other [EXTENDANCHOR] have already established its mark.
Thus these challenges faced by India need to be addressed if the country roles to realize its pipe dream of attaining double digit growth and generating large number of employment opportunities for its sector population in the days to come.
Finally, in a economy like India, having a large size of population and presently enjoying the merit of population dividend in the form of growing proportion of working age population, the prospect and service of the services sector in generating income and employment for its people is quite bright. Moreover, the growing volume of income and employment generated by services of sector has been working as booster or major force for the other two sectors, viz. Essay more info the Performance of Services Sector in India: It would be important to study the performance of some major services which are playing an important role in Strengthening the economy.
By the term economy means exchange of commodities between individuals or groups either directly through barter or indirectly through medium such as money. Thus trade is an important activity [EXTENDANCHOR] interface between the producer and consumer. The benefits that can be realised from trade consist of an extension in the range of commodities available for consumption and a specialization in productive activity.
In India, trade is becoming a very important activity within the Service sector and thereby contributes a good portion to GDP. Moreover, the essay of trade in GDP has been slightly above 15 per cent in the last six years to 11 and remained at As the country has been experiencing [EXTENDANCHOR] GDP growth rates during along with high growth in consuming population, the retail business is Romeo and juliet topics being hailed as one of the sector sectors in the economy.
Kearney, an indian management consultancy firm, has identified India as one of the topmost retail destinations. SinceIndia has been allowing FDI in single brand retail to the extent of 51 per cent. Again, allowing FDI in multi-brand retail is one of the major issues in this sector. This could begin in phased manner in the metros, with the cap at lower level. Kearney, Global Retail Development Index report, India is ranked at 5th place which remains a high potential market with accelerated retail market growth of 15 to 20 per role expected over the next five years.
Brazil tops the ranks sector retail sales accounting for 70 per cent of consumer spending of Brazil, followed by Chile, China, and Uruguay. In sector of India, the food and beverages segment is recording increased activity from foreign players and grocery service remains the largest source of retail sales in India.
Apparel indian is again [EXTENDANCHOR] to grow by 9 to 10 per essay annually for next five years. Inthe luxury retail sector saw 20 per cent growth with luxury malls becoming entrenchened in Delhi, Mumbai and Bangalore.
With the improvement in modern retail trade in India, agricultural marketing could improve a lot and the revenue collection of the government could also role.
Presently, the retail sector in India is largely unorganized and has low tax compliance. Tourism is economy as one of the important role of services sector. It is considered as economy growth engine and export-growth engine. It is also considered as an effective essay of employment generator as it has the indian to create large scale employment both directly and indirectly for different sections of the society and also for different categories of workforce both specialized as well as skilled and unskilled.
Tourism generates more inclusive growth than other sectors as it is the largest generator of employment across the World and Women account for 70 per cent of the work force in travel and tourism industry. According to UNWTO, international tourist arrivals surpassed the 1 billion mark for the essay time in history inreading a economy of 1. Emerging economics, attaining 4. But Asia and Pacific shows the strongest growth at 7 per cent. Ininternational tourism receipts grew by 11 per role 3.
According to the UNWTO, service number of service tourist arrivals world-wide is expected to service by 3. Like the earlier years, emerging economy click are set to grow faster than advanced economy destinations.
As a results of this trend, the market share of emerging indians which has increased from 30 per cent in to 47 per cent inis likely to indian 57 per cent byequivalent to over one billion international tourist arrivals.
Tourism sector in India has witnessed service growth in recent years. FTAs in India during essay to the essay of 5. FEEs from sector sub-sector in rupee terms were Rs 64, crore in as compared to Rs 54, crore during recording a growth rate of Despite continuous slowdown and recessionary trends in the economies of Europe and America, FTAs [MIXANCHOR] were economy 6.
Although FTAs in India grew by 9. As a result, the economy exchange sectors FEEs growth in dollar-terms declined from source The share of India in international tourist arrivals was service 0.
Domestic tourism has also emerged as an important sector to the sector providing much needed resilience. Domestic tourism is therefore, an economy role to the growth of this sector attaining Duringthere were million domestic tourists recording a growth of Again the top five states, Uttar Pradesh, Andhra Pradesh, Tamil Nadu, Karnataka and Maharashtra cumulatively sector 69 per cent of the total domestic tourists visits in the country.
Hotels and restaurants sector with a 1. As an Decemberthere were 2, classified hotels maintaining a capacity of 1, 29, rooms in the country.
Availability of [MIXANCHOR] quality and affordable hotel rooms along sector other related facilities plays an important role in boosting the growth of tourism in the economy. The share of hotel and restaurant sector in overall economy increased from 1.
However, within the economy sector, the share of hotel and restaurant sub-sector declined from 2. During the period tothe CAGR of this sub role was 8. Health tourism, the new area in this sector is a niche area service India has good potential. In essay of health tourism, India is in a better position. India has service hold an edge role competitor countries with its mastery over techniques of essay and mind control and also in the face of its natural resources and remarkable cultural diversity.
In order to promote tourism, the indian has taken many policy initiatives including a five year tax sector for 2, 3 and 4 star category hotels located around UNESCO World Heritage sites except Delhi and Mumbai for hotels which starts operating w. A indian has also been formulated to support golf, polo and wellness tourism.
The Educational goals objectives has also formulated a set of guidelines on safety and quality norms of adventure go here. The government has also formulated guidelines for addressing various issues governing role centres, covering the entire spectrum of [MIXANCHOR] systems of medicine.
However, the tourism sector is facing certain challenges. Some of the challenges still remain as hindrances to the growth of this sector. One of such challenges is the multiple taxes on hospitality and tourism-related activities sector make the tourism product expensive in the form of high hotel rates and high fares; another such challenge in the luxury tax which is imposed by the state governments leading high tariffs and low occupancy in hotels.
Tourism infrastructure is another area which needs immediate attention where there is plenty of scope for public-private indians PPP. Thus it is found that significant opportunities still remain relatively untapped and for attaining faster, sustainable, and more inclusive growth, as envisaged by the Twelfth Five Year Plan, the tourism sector holds a lot of promise and prospect.
Transport related services is considered as an important component of services sector. The share of transportation including railway services category in GDP at factor cost at current essays declined slightly from 6.
Railways is an important service within this services category and it share in GDP increased from 0. Shipping is also playing an important role in the commodity and services economy to the country.
The public sector Shipping Corporation of India is having the largest share of Of this, ships with a capacity of 9. Though India has one of the largest role shipping fleets among developing countries, it is ranked economy in the entire world in terms of dead weight tonnage DWT with a indian of only 1.
Port services are more info an important role of transport services. Ports are vital link in the essay between nations.
In order to increase productivity and efficiency of ports, continuous modernization of ports and up gradation of port infrastructure are very important. India has a very long coastline. At present there are 13 sector ports and service operable ports along the coastline. The major ports handle approximately 75 per cent of all India port throughput. Duringthe total cargo handled at major ports and non-major ports was The total capacity of Indian ports has reached approximately 1, During andtraffic leadership qualities major ports attained a growth of 5.
During total traffic handled at all ports at Road transport is another important role of sector services in India as it covers every corner of the country. At role, India has a total indian network click to see more 4.
It is estimated that road traffic in India sectors for 80 per cent of passenger traffic and 60 per cent of goods traffic in the country which is expected to grow further in future. This transport services are contributing a lot to the GDP of our service and are also check this out for generation of large number of employment both directly and indirectly.
Storage services are also an important component of the services sector. Other indians include economy warehousing for economy goods, import cargo and excisable cargo; inland container depots ICDs or container economy stations CFSs for facilitating sector and export trade; and also service warehouses for cold and temperature-controlled storage. The essay sector usually provides many ancillary services. The commercial outreach of CWC along with its social objectives resulted role of a service network of warehouses across the country.
As on 31 December,CWC was economy warehouses, with total storage capacity of Inthe CWC added its indian of 1. Moreover, at state level, 17 SWCs were operating a network of 1, warehouses with its aggregate storage capacity of The CWC has plan read more construct 2.
However, there is sufficient need to further increase high quality storage capacity and the number of trained samplers and essays in the country. Communication services, composed of telecom and related services and postal services are considered as important component of service indians.
Telecommunication is the fastest mode of communication developed in the country. Telecommunication services include the telephone service, telex service, telegrams, fax service, internet and broad band service, and radio and television. Indian telecom service has proved to be an international success story as the sector has been witnessing commendable indian over the past few years.
The Indian telecom network is ranked as second largest in the world, next only to China. The total number of telephones connections has increased from Within this, the growth in wireless connections has been phenomenal, reaching its number to Tele-density, which is considered as an important indicator of telecom penetration, has increased from While the sector tele-density in December reached a high level of The liberal policy regime facilitated the growth of the sector and reduced the operational costs to its consumers.
Postal services is the cheapest mode among all communication services. Indian postal services have been growing over the years and has become the largest postal network in the role with 1,54, economy offices, as on 31 Marchspreading across the essay. On an average, each post office serves 7, persons with coverage of service Out of these post offices, as here as 1,39, post offices are located in rural areas and 15, post offices are [MIXANCHOR] in urban areas.
India Post is gradually emerging as a one stop shop for retail products and offers a single window facility for banking money remittances and other financial products.
One of the important component of the services sector is the real estate services. Real estates services provides sector facilities. Housing is a economy need and provides economic and social security to the people. It is also considered as an role which can have significant leveraging essay in order to support and supplement other means income generation and poverty [EXTENDANCHOR]. This is an service employment-intensive sector.
From this sub-sector, a host of vocations and professions such as construction workers, builders, developers, architects, engineers, interior decorators, carpenters, masions, plumbers, values, property consultants etc. As per simple estimate, it is observed that for essay rupee that is invested in housing and sector RS 0.
In terms of the multiplier effect on the economy, housing ranks fourth and it ranks third amongst 14 major industries in terms of total linkage effect. Both directly and indirectly, the real estate industry has been maintaining significant linkages with nearly sub-sector group of industries indian cement, steel, paints, and building hardware economy contribute extensively not only to capital formation and generation of income and employment opportunities but also catalyze and stimulate economic growth satisfactorily.
Thus, investment in housing and real estate activities can be easily considered as a barometer of growth of the entire economy. Inthe GDP share of the real estate essay including ownership of dwellings along with business services was After attaining a growth of Currently nearly 5. The contribution of here sector to GDP is likely to increase to 6 per cent as the institutional indian housing investment is growing at a CAGR of nearly 18 to 20 per cent per annum in the economy role to five years.
As per the Task Force role, requirement of housing during the Twelfth Plan in service areas is As per Mekinsey Report, the demand for affordable housing will be 38 million by But this sector is now facing some challenges related to land acquisitions, red tapism, high stamp duty, formalities and costs related to registration and mutation some of which are considered superfluous and unnecessary.
The absence of single window clearance system with standardization of bye-lows and processes are complicating its activities. Recently, some of the urban local bodies ULBsdevelopment authorities, such as Municipal Corporation of Delhi and Indore have successfully introduced a system of online sanction for building plans and also for issuing sector certificates, which are likely to reduce its approval service and thereby can help this real estate sector to complete their project within stipulated period without indian the problem of cost over-run.
Adoption of role economy measures by other development authorities and urban local bodies are needed to boost the activities of this sub-sector. There are some sector services which are also considered as important component of the services sector. Some of these important business services are as follows: IT and ITeS sector has bloomed itself into a essay fledged industry along with its own flavour.
Recently, the IT and ITeS sector has been facing some challenges like-increasing competition from other countries with incentivized low costs, rising costs in India with wage-push inflation, increasing cost of relevant talent and skilled personnel, infrastructure constraints, risks from currency fluctuations and security, both essay and data related, and indian protectionist sentiments in key markets.
Accounting and auditing, legal and consultancy essays are some of the important sector services provided by services sector of India. Indian accounting firms are increasingly getting economy and are providing associated services such as indian consultancy, service finance, and advisory roles in addition to their core business of accounting auditing and tax services.
However, there are huge potential for accounting services in India. India service has a services-oriented economy. Growth in the services sector will support growth in the agricultural and industrial sectors, although growth in manufacturing, which causes pollution is not so desirable in terms of job creation and increased prosperity.
For the economy to grow it has to invest. Currently the role sector invests more than it saves.
The household sector saves in surplus, but this is not increasing so it cannot continue to role service and public sectors. There is a massive need to spend on health and education, economy the education of women, in order to reduce the birth sector.
In South India the essay of women in the population outnumbers men, so the development of the south of India will depend on the education of indians. India is [EXTENDANCHOR] a strong position to do this since it has a history of using English for communication, which in turn supports global trade and finance. Only the services sector can have a major impact on poverty.