According
to “National Intelligence Council” by 2030 “India could be the rising economic
power house that China is seen to be today.” Around the world, interest in
India’s economy has been growing. India’s services sector
covers a wide variety of activities such as trade, hotel and restaurants,
transport, storage and communication, financing, insurance, real estate,
business services, community, social and personal services, and services
associated with construction. The services sector is not only the dominant sector in
India’s GDP, but also provides large-scale
employment.
The market size has increased globally in this sector. This sector contributed US$ 783
billion to the 2014-15 GDP (at constant prices) growing at Compound Annual
Growth Rate (CAGR) of 9 per cent, faster than the overall GDP CAGR of 6.2 per
cent in the past four years. The Government of India recognizes the importance
of promoting growth in services sectors and provides several incentives in wide
variety of sectors such as health care, tourism, education, engineering,
communications, transportation, information technology, banking, finance,
management, among others. The sector is expected
to perform well in 2016. Some improvement in global growth and recovery in
industrial growth will drive the services sector to grow. Services sector
growth is governed by both domestic and global factors. The Government of India is launching attractive schemes in the
service sectors such as aviation hospitality and many more to make beneficial
and lucrative for everyone. Due to the growth in these sectors there are many
career oriented jobs for the upcoming youth.
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