RISE OF SERVICE SECTOR IN INDIA

Topics: Economics, Economy, Agriculture Pages: 2 (659 words) Published: October 27, 2014

WAC ASSIGNMENT 1
LITERATURE REVIEW
ON
‘RISE OF SERVICE SECTOR IN INDIA’
SUBMITTED TOSUBMITTED BY:
MANASWINI ACHARYA SUSHMA (14PGDM013) SHRESHTHA (14PGDM053) DINESH GUPTA (14PGDM016) ANGAD SINGH (14PGDM003)

Abstract:
This paper presents an overview of how the service sector has risen in India. It speaks about the contribution of service sector to GDP growth. It also briefs about the components involved in the sector such as business, insurance and IT. It takes us through the evolution of service sector across the past few decades. This also speaks about the future projection and growth in this sector. Literature Review:

Following the conventional classification, an economy is classified into three sectors, agricultural (or primary), manufacturing (or secondary) and service (or tertiary). The agricultural sector consists of farming, forestry, animal husbandry and fisheries. The manufacturing sector is composed of mining, construction and manufacturing. All the other economic activities which are not covered by the agricultural or manufacturing sectors are broadly defined as services and belong to the service sector. They include services provided for the agricultural sector, activities associated with the supply of water, transport, electricity and gas and communications, wholesale and retail trade, finance and business, insurance and personal services, and community and social services. Services can be broadly distinguished between two categories, that is, old and new. The old or traditional services include petty trading, domestic services, catering and hotel services. The new services are generally associated with culture, communications, business and legal practices, research and education. The latter are tradable...
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