Suggested explanations for the faster growth of services employment include changes in the demand for goods and services as a result of rising incomes and relative price movements , slower productivity growth in services, the in- creasing participation of women in the labor force since World War 11, and the growing ...
What are the reasons for high growth rate of service sector in India?
Several factors have contributed to the growth of this sector in India. These include growing affluence, improving status of women , growth of IT sector, development of markets, health care consciousness, opening up of the economy etc.
What are the major responsible for the high growth of the service sector?
Increased volume of trade: Low tariff and non-tariff barriers on imports by India are also responsible for high growth rate of service sector. The foreign trade reforms enabled the domestic products to interact and compete in the international markets.
What is the importance of the service sector?
Answer: The service sector makes an important contribution to GDP in most countries, providing jobs, inputs and public services for the economy. Trade in services can improve economic performance and provide a range of traditional and new export opportunities.
What are the reasons for the growth of service sector?
Main reasons behind the growth of services include rapid urbanization, the expansion of the public sector and increased demand for intermediate and final consumer services . Access to efficient services has become crucial for the productivity and competitiveness of the entire economy.
Is the service sector actually growing?
Yes , the tertiary sector in India has grown significantly in India. In 1950-51, the services sector contributed about 35% to India’s GDP. In 2014-15, this had risen to nearly 60%.
Which is the service sector?
The Service Sector, also called tertiary sector , is the third of the three traditional economic sectors. ... Activities in the service sector include retail, banks, hotels, real estate, education, health, social work, computer services, recreation, media, communications, electricity, gas and water supply.
Which sector is the backbone of Indian economy?
The secondary sector is the backbone of the Indian economy. There is a promising future for this sector with more development and growth in the coming years. The Tertiary sector is similar to the secondary sector in terms that it too adds to the value of the products.
How does service sector contribute to GDP?
Sector-wise GDP of India
The services sector accounts for 53.89% of total India’s GVA of 179.15 lakh crore Indian rupees. With GVA of Rs. 46.44 lakh crore, the Industry sector contributes 25.92%. ... Share of Services sector has improved to 57.03%.
What are the major factors responsible for the high growth of the service sector class 11?
The major factors responsible for the high growth of the service sector are as follows (i) Rise in Income Rise in per capita Income is an Indicator of increase in general affluence levels. With rise in income people start demanding services which . can make their lives more comfortable.
What are the main features of Unorganised sector?
- there is no job security .
- there is not regular job.
- workers are provided daily wages.
- there are laws in this sector but are not followed.
- when there is less work load then workers are asked to leave the job without any reason.
What are the major factors responsible for the high growth of the service sector Brainly?
Answer Expert Verified
➽ Availability of cheap labour and skilled labour at lower wage rate . ➽ The revolution in information Technology field in India has also played a major role in the growth of the service sector .
What is service and its importance?
According to the dictionary, service is “an act of helpful activity’ help; aid: to do someone a service .” So why is service so important to our society? Personally, it gives me a sense of pride that I was able to enhance or even empower another individual, family, organization, etc.
What is the importance of service sector in economy?
Service sector helps to develop the agricultural production by providing better network facilities . It helps to carry raw materials and finished goods from one place to another.
Which is an example of primary sector?
Primary Sector is that sector of the economy which is concerned with or related to primary economy. It means mining, quarrying, farming, fishing and forestry . ... Wholesaling, retailing, pest control, and entertainment are some examples of tertiary sector.
What jobs are in the service sector?
The service sector, also known as the tertiary sector, is the third tier in the three sector economy. Instead of the product production, this sector produces services maintenance and repairs, training, or consulting. Examples of service sector jobs include housekeeping, tours, nursing, and teaching .
