Growth of service sector

In India, the healthcare market has grown substantially. The increased life expectancy is the result of the consciousness of the people regarding the health issues.

The need for infrastructural support services has increased due to the development of new towns and regions. The rise in number of double income household has created a greater demand for consumer services, including retailing, real estate and personal financial services.

What Are the Causes of Rapid Growth in the Service Industry?

There are a number of services that India offers to Growth of service sector parts of the world like banking, insurance, transportation co data services, accounting services, construction labour, designing, entertainment, education, health services, software services and tourism.

This Growth of service sector particularly true in the urban areas, where petty pavement retail trade, transport, another is repair and service establishments have proliferated.

According to the consultancy firm Accenture, rapidly changing market conditions put companies under pressure to reduce costs and adapt quickly. Activities in the service sector include retailbankshotelsreal estateeducationhealthsocial workcomputer services, recreationmediacommunicationselectricity, gas and water supply.

One of the important reasons for the growth of services in India is the rampant migration of rural to semi-urban and urban areas.

Political and legal chap: Before this, banking services were only available from the bank when it was open. The emergence of the nuclear family system in place of the traditional joint family system creates a demand for a host of services like education, health care, entertainment, telecommunication, transport, tourism and so on.

For example, an automated teller machine is able to provide basic banking services 24 hours a day, 7 days a week, in many different places. Outsourcing can go beyond cost savings -- it can improve cash flow and accelerate growth.

Manufacturing giants and agriculture are largely missing from the list. The size of the government has grown creating a huge infrastructure of service departments. Businesses in this sector are rapidly placing more focus on what is becoming known as the " knowledge economy, " or the ability to surpass competitors by understanding what target customers want and need, and operate in a way that meets those wants and needs quickly with minimal cost.

Urban India has become a cluster of wholesaling and retailing business. They are employed in defence services, police services, postal services, software services, health services, hospital services, entertainment industries, Business Process Outsourcing and so on.

India is considered to be a Potential source for services. This sector has created a new demand for travel and leisure, as well as for healthcare, nursing and life insurance. Marketing The service sector is benefiting from improved marketing as service firms communicate their message more efficiently.

Explain growth of service sector?

Technology in the Service Industry Technology, specifically information technology systems, is shaping the way businesses in the service sector operate. Earning women prefer to hire services in order to minimise the innumerable roles that they are required to perform.The services sector is the key driver of India’s economic growth.

The sector is estimated to contribute around per cent of India’s Gross Value Added in and employed per cent of the total population. Net Services exports from India grew per. The unparalleled growth of the services sector The share of service sector has increased from 39% of GDP in to % of GDP intherefore the service sector is the largest.

Service tax: The growth in the service sector attracted the attention of the government as a tax generating source. Over the years, the number of services brought under service tax has increased- Service tax is levied on hotels and restaurants, transport, storage and communications, financial services, real states, business services and social and personal services.

Reasons for growth of service sector 1. Reasons For Growth Of Services The growth of service industries can be traced to the economic development of society and the. The Future of the Service Sector. As ofthe growth of the service sectors in China and the United States have seen a significant decline.

Analysts are closely watching China over concerns that slugging demand trends in the country will affect economic growth globally. The service sector is benefiting from improved marketing as service firms communicate their message more efficiently. Building understanding of the benefits of.

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Growth of service sector
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