Performance of Services Sector in India During 1992-93 – 2011-12

Abstract

The services sector, also referred as the tertiary sector, is the largest of the three constituent sectors in terms of contribution to GDP in India. The services sector comprises of trade, hotels and restaurants, transport storage, communication, financing, insurance, real estate and business services community services (Public administration and defence), and other services. The services sector provides service of final consumption nature as well as intermediate nature, the latter accounting for a major share. Substantial part of service such as transport and communication is in the form of intermediate inputs of production of other goods and services. In recent decades, the services sector has been performing much better Than agriculture and industry in India and in many other developing countries as Well according to standard literature, services sector experienced an accelerated Growth only after a certain level of development in agriculture and then in industry. Hence, the present paper aims to focus on services sector in India.