Volume 11 - Volume 11
Service Sector – Role Played in Economic Development
Abstract
The services sector has grown phenomenally over the past decades and accounts for more than 60
per cent of gross domestic product (GDP) in the developed economies. The most marked change in
the structure of developed economies in the twentieth century, particularly in the later half, has been
the transformation from an emphasis on the manufacture of physical goods to the production of
intangible services. The work force distribution is also more for service sector. The present study is
to identify the role played by service sector in the economic development of any country. India is no
exception to this paradigm change. While a little over a decade ago the three main sectors of
economic activity-agriculture, industry and services- had roughly equal shares in the GDP, the
service sector has now left the other two far behind. According to the national income estimates for
2020, the GDP is 54.77% and 32.33 % share in total work force distribution. The study relates to the
service sectors share in GDP and through which increase in Employment rate in service sector. The
study also enlightens upon the importance of services in Banking sector, a major contributor in
Services sector. Banking is considered as mirror of economy. The study is based on mainly on
secondary data from the websites, international journals, and blogs. The study is descriptive and
various descriptive statistical methods are followed for better analysis of the data.
Paper Details
PaperID: 2307
Author's Name: Dr.M. Geeta and Dr.C. Naga Sivanand
Volume: Volume 11
Issues: Volume 11
Keywords: GDP, Work Force Distribution, Banking Sector.
Year: 2021
Month: July
Pages: 2655-2666