India Has Second Fastest Growing Service Sector
India 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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