Services dominate the world economy today. Trade India Services has undergone considerable growth in India and other places like Chinna and Irak, Iran etc. Over the past two decades, the services sector has replaced agriculture as the dominant sector. In Indian Exporters and Indian Importers services comprise 50% of Gross Domestic Product (GDP), 30% of total employment, and 30% of exports. The average annual growth rate of the sector increased from 8 per cent in last decade "1994-2004", making it one of the driving forces of the Indian economy. The rise in the service sector’s share in Gross Domestic Product (GDP) marks a structural shift in the Indian economy and takes it closer to the fundamentals of a developed economy. India is now also being promoted as a leading outsourcing hub.
The growth in India’s Exports and/or Import of services outpaced growth rate in major exporting countries. with close to $56.1 billion of exports, It can say better thta India now ranks 11th among top 15 services of exporting countries in the world. India has witnessed a six-fold increase in its services exports within a relatively small time span of nine years. Now you can see India’s share in the world services exports has reached 2.3%. So, the service sector is increasingly contributing to India’s trade flows, facilitating the country’s integration with the world economy.
For better understanding Global Compact Enterprise of India’s real potential in the service sector and its contribution to Indian economy as well as its competitiveness, it is important that you can analysis each sector and sub-sectors of business indusrty through this. It is also important to assess the position of services sector and its contribution to Gross Domestic Product (GDP), productivity, employment, exports, imports and trade balances over certain time period in absolute terms and conditions. This paper attempts to provide an overview of various services in India and its contribution to economy and international competition and to better understand reasons for growth and structural change that are taking place in this sector of the economy.
The growth in India’s Exports and/or Import of services outpaced growth rate in major exporting countries. with close to $56.1 billion of exports, It can say better thta India now ranks 11th among top 15 services of exporting countries in the world. India has witnessed a six-fold increase in its services exports within a relatively small time span of nine years. Now you can see India’s share in the world services exports has reached 2.3%. So, the service sector is increasingly contributing to India’s trade flows, facilitating the country’s integration with the world economy.
For better understanding Global Compact Enterprise of India’s real potential in the service sector and its contribution to Indian economy as well as its competitiveness, it is important that you can analysis each sector and sub-sectors of business indusrty through this. It is also important to assess the position of services sector and its contribution to Gross Domestic Product (GDP), productivity, employment, exports, imports and trade balances over certain time period in absolute terms and conditions. This paper attempts to provide an overview of various services in India and its contribution to economy and international competition and to better understand reasons for growth and structural change that are taking place in this sector of the economy.
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