India - 2nd fastest growing services sector

pmaitra

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Economic Survey: India has second fastest growing services sector

"India has the second fastest growing services sector with CAGR at 9 per cent, just below China's 10.9 per cent, during the last 11-year period from 2001 to 2012," the survey said.

It said that services share in world GDP was 65.9 per cent but its share in employment was only 44 per cent in 2012.

In India, the services sector had a high share in income at 56.9 per cent in 2012 with a lower share of 28.1 per cent in employment, it added.

In 2013-14 the growth rate of the services sector at 6.8 per cent is marginally lower than in 2012-13. This is due to deceleration in the growth rate of the combined category of trade, hotels, restaurants, transport, storage and communications.

The survey, which was tabled in Parliament today, said that services in India are emerging as a prominent sector in terms of contribution to national and states' incomes, trade flows, FDI inflows and employment.

Further, it said that the immediate challenge in this sector is revival of growth.
 

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