Among the world's top 15 countries in terms of GDP, India ranked 10th in terms of overall GDP and 11th in terms of services GDP in 2013. The US ranked 1st in both overall and services GDP followed by China and Japan, ranking second and third respectively.
However, in the period 2001-13, with a compound annual growth rate (CAGR) 8.7%, India had the second fastest growing services sector followed by China.
Among the these top 15 countries, except China, all the countries had the services sector contributing more than half of their overall GDP.
Coming to the Services Employment, while the share of services income in the world declined in 2013 over 2012, the share of services employment has increased. In top 15 countries, the share of both services GDP and services employment are high and close to each other but in India the share of services employment is relatively low with that of services GDP.
The US stood first as the largest commercial services exporter with its growth of 5% while it decelerated for India and China due to decline in the exports of transport of services in both the countries.
Ans2:
In the late 1940’s a defeated japan, South Korea and India
were all at the same footing with almost same socio-economic problems. Economic
Analysts of those time forecasted India to be the leading growing economy. Much
to the disarray of economists and analysts these predictions proved to be
false. South Korea, Japan along with much smaller nations like Taiwan witnessed
sky rocketing growth, while India growth showing goods signs slumped after
1970s and did not record a two digit growth until 2010.
India’s is a peculiar case of economic development. The middle
step of a growing economy to industrialize was missed completely by India.
Indian industrialisation mostly public were recording revenue losses. The LPG
reforms changed the entire scenario. India has now risen to be a leading
services exporter and the services sector has become the major forex earner
within India. The services sector also employs most of the workforce after the
agricultural sector.
The service sector in India has recorded double digit growth
rate in past 5-6 years. The reforms initialized by Deng Xiaoping, led china to be
a manufacturing driven economy. This type of political courage and
determination plagued India. The knowledge driven IT industry changed the
course of Indian Economy.
India’s IT services export fuelled by relaxed monetary
policies of major developed nations, have risen considerably. The abundant cheap
and skilled labour force has been the driving vehicle. While most developing
Asian economies are engaged in skilled manufacturing, esp. electronics, Indian
services sector is growing leaps and bound.
However, in the period 2001-13, with a compound annual growth rate (CAGR) 8.7%, India had the second fastest growing services sector followed by China.
Among the these top 15 countries, except China, all the countries had the services sector contributing more than half of their overall GDP.
Coming to the Services Employment, while the share of services income in the world declined in 2013 over 2012, the share of services employment has increased. In top 15 countries, the share of both services GDP and services employment are high and close to each other but in India the share of services employment is relatively low with that of services GDP.
The US stood first as the largest commercial services exporter with its growth of 5% while it decelerated for India and China due to decline in the exports of transport of services in both the countries.
Ans2:
In the late 1940’s a defeated japan, South Korea and India
were all at the same footing with almost same socio-economic problems. Economic
Analysts of those time forecasted India to be the leading growing economy. Much
to the disarray of economists and analysts these predictions proved to be
false. South Korea, Japan along with much smaller nations like Taiwan witnessed
sky rocketing growth, while India growth showing goods signs slumped after
1970s and did not record a two digit growth until 2010.
India’s is a peculiar case of economic development. The middle
step of a growing economy to industrialize was missed completely by India.
Indian industrialisation mostly public were recording revenue losses. The LPG
reforms changed the entire scenario. India has now risen to be a leading
services exporter and the services sector has become the major forex earner
within India. The services sector also employs most of the workforce after the
agricultural sector.
The service sector in India has recorded double digit growth
rate in past 5-6 years. The reforms initialized by Deng Xiaoping, led china to be
a manufacturing driven economy. This type of political courage and
determination plagued India. The knowledge driven IT industry changed the
course of Indian Economy.
India’s IT services export fuelled by relaxed monetary
policies of major developed nations, have risen considerably. The abundant cheap
and skilled labour force has been the driving vehicle. While most developing
Asian economies are engaged in skilled manufacturing, esp. electronics, Indian
services sector is growing leaps and bound.
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