Economic Survey: India Has Second Fastest Growing Service Sector

 
  • ichosemyindiaIndia ranked 12th in terms of services GDP among the world’s top 15 countries.
  • India has the second fastest growing services sector with its CAGR at 9.0 per cent, just below China.
  • The growth rate of the combined category of trade, hotels, restaurants, transport, storage, and communications decelerated to 3.0 per cent.
  • Financing, insurance, real estate, and business services grew robustly at 12.9 per cent.
  • Services constitute a 57 per cent share in GDP at factor cost in 2013-14.
  • India’s share in world inbound tourist arrivals increased to 0.63 per cent in 2013.
  • The size of domestic tourism has also crossed an estimated 1.1 billion annual travel visits.
  • The IT–Business Process Management (BPM) sector grew by an estimated 10.3 per cent, reaching US$ 105 billion in 2013-14.
  • Services like software and telecom were big ticket items that gave India a brand image in services.
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