India's
growth is at present service sector driven. According to RBI's
data, the contribution of service sector to real GDP growth
was 57%, in 2003-04. Even in 1990s, the sector contributed
highly in this regard. There is a noticeable trend that when
the contribution of service sector to GDP has risen from 47.5%
to 57%, the contribution of agriculture has declined from
31.5% to 22.2% in 2003-04. In
India, nowadays the growth of service sector is taking place
in consumer services, Information Technology (IT) services
and business process outsourcing services. According to an
estimate given by World Bank, "India's share as a supplier
of software services is as higher as 17%, compared to 3.2%
in textiles and apparel. The share of software exports has
risen from 19% to 34%''. In 1997-98, 96% of all software exports
were from of services like custom application Development,
IT Training and Education, etc. The share of BPO has risen
to 24% of total software exports.
The
growth of services are in a dominant form in the industrial
growth of India. According to an estimate, the contribution
of services is 41% to the GDP of country. In a quick and successful
manner, the quality and benchmarking of the services has risen
upto the global standard. One may take the examples from financial
services, software services, accounting services, etc., which
are getting operationalized in a global manner.India
is becoming a destination for IT sector. According to NASSCOM,
over 185 Fortune 500 companies apply Indian software services.
Multinationals are interested due to the relatively low cost
of operation, high-skilled manpower and knowledge reservoirs
- the chief reasons for promotion of Indian software industry.
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