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Importance of the service industry to an economy
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CHAPTER-I (INTRODUCTION)
A. Overview of the service sector and its contribution in the economy
OVERVIEW:-
The services sector is not only the major sector in India’s GDP, but has also attracted foreign investment flows, contributed to exports as well as provided large-scale employment. India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, banking, insurance, real estate.
• The services sector is the key driver of India’s economic growth. The sector contributed around 53.8 % of its Gross Value Added in 2015-2016 and employed 28.6 % of the total population. Net services exports from India grew 14.6% in the
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It is noticed that Service sector has developed as one of the most important and the fastest-growing sector in the world economy in the past few decades, according to a research analysis on service sector in Indian economy. It also highlights reform measures that will enable the service sector to not only to grow at a faster pace but also to create quality employment and attract investment in the country. The study proves that service sector has grown at a higher rate in comparison to other sectors in the economy. Service sector’s growth rate is found to be higher than growth of overall GDP of India. The service sector is the 2nd largest employer where trade, hotels and restaurants and community, social and personal services are the significant generator of employment. So, service sector which is a dominant part in terms of its growth and shares serves as a main engine for the growth of the Indian economy.
B. Overview of the industry and its contribution in the service sector
• "Cargo Handling Service" means loading, unloading, packing or unpacking of cargo and cargo management. cargo handling services provided for freight cargo management, for all modes of transport. cargo handling services incidental to freight, but does not include handling of export cargo or passenger baggage or mere transportation of goods
• Clarifications issued by the Board / Ministry:
1. “Cargo handling service does not cover mere transportation of
Tertiary sector of industry also known as the service sector or the service industry is one of the three main industrial categories an a economy, the others being the secondary industry manufacturing, and primary industry extraction such as mining, agriculture and fishing The tertiary sector of industry involves of providing a services or a product to businesses as well as final consumers. Services may involve the transport, distribution and sale of goods from producer to a consumer as may happen in wholesaling and retailing.
According to the Case Management Society of America, case management is "a collaborative process of assessment, planning, facilitation, care coordination, evaluation, and advocacy for options and services to meet an individual's and family's comprehensive health needs through communication and available resources to promote quality, cost effective outcomes" (Case Management Society of America [CMSA], 2010). As a method, case management has moved to the forefront of social work practice. The social work profession, along with other fields of study, recognizes the difficulty of locating and accessing comprehensive services to meet needs. Therefore, case managers work with these
The market for IT industry was huge and expanding at a fast pace. However the market leaders were Accenture and IBM which had a negligent market share and rest was captured by small enterprises. Indian companies also ventured in the industry and due to their competition, IT multinational giants had to increase their base in India. Due to high opportunities, attrition rate was also high in this industry. As a result Indian companies like Wipro, Infosys increased their base level salaries. During this phase, Indian economy was transforming towards an era of information and knowledge. This can be seen from the fact that contribution of services towards the economy’s GDP was higher than 18% in 2001 as against in 1980. No other industry had done better standing against global competition. The annual exports had always been over 50% over a decade. U.S.A. share represents highest with 61% and about a third of Fortune 500 companies outsource their software work to India. To foster development, Indian government has taken a number of steps like liberalization of policies and providing necessary capital and infrastructure to foster growth. Thus Indian environment has been conducive for growth. (Ref: Indian Embassy.org) Competitor analysis- The market for IT industry was fairly competitive with IBM and Accenture as global leaders and rest of the market was pretty diffused. IBM and Accenture had strong brand and a global presence with a large customer base. They also offered panoply of services viz. technology implementation, business consulting, offshore services, customer relationship management etc. Both offered breadth and depth of services. IT market in India offered technical and business consulting with Tata Consultancy Services which was the market leader in IT exports and Wipro Technologies and Infosys being other major market players. TCS offered consultancy services, IT services, asset based solution etc. Wipro was third largest IT provider with service offerings in IT consulting, software solutions, BPO etc. Both had a strong global presence. Intensity of Rivalry: Rivalry amongst competitors was pretty intense as can be seen the Indian competition caused IBM to increase their presence in India. However leaders like IBM and Accenture had a wide range of service offerings so competition was only amongst few sectors. Rivalry was to hire the top talent as human capital is the most important thing in the IT sector. This is the reason that attrition rate lead to a rise in pay packages.
1.1 Explain the value of customer service as a competitive tool Customer service is valued as a competitive tool by many organisations. It gives you the ability to gain customer loyalty while meeting the customer’s expectations. Staff will have the skills and knowledge that will provide a competitive edge. Most organisations are known for the quality of their customer service. This means that they are known for good customer service or poor customer service.
The culture of a human service organization (HSO) impacts the managers, workers, clients, and all entities interactions. Culture is created and influenced by varies aspects and can be positive, negative, or a combination of the two. This paper will discuss the impact of culture and learning within an organization, and how it relates to supervision, personality differences as well as risk and safety as it relates to culture.
The automobile industry is one of the key drivers that boosts the economic growth of the country. Since the de-licensing of the sector in 1991 and the subsequent opening up of 100 percent FDI through automatic route, Indian automobile sector is towards its boom. Today, almost every global auto major has set up facilities in the country. The automotive industry in India is one of the largest automotive markets in the world. It was previously one of the fastest growing markets globally, but it is currently experiencing flat or negative growth rates. The automobile industry accounts for 22 per cent of the country's manufacturing gross domestic product (GDP).Sales of commercial vehicles in India grew 5.3 per cent to 52,481 units
Introduction India is the world’s second most populated country with over 1.2 billion people. Since its independence from British rule in 1947, the country has been more or less a stable democracy. Until 1991, Indian governments imposed economic austerity and its markets were comparatively closed to the world. Economic reforms in 1991 brought about a change which made India an attractive and huge market for multinational corporations from all over the world (Joshi 8). Retail industry within a globalized world is one of the most thriving and profitable sectors.
Although small businesses do not make a lot of major deals with large investors, most small businesses create profit revenue greater than large corporations. Small business creators are very brave considering only ten percent of small businesses survive. Unfortunately, some communities do not support local small businesses; they only support the large brand name and force small businesses to die out. Since small businesses will not have a name brand known around the world, many people from communities will not support them because they are not known on a national scale. “This, in turn will affect the local economy and drive capital out of their local economy. On average, for every one hundred dollars spent in an economy, if spent on a
Services increased from a small fraction of the economy in the 1920s to just under half of GDP by 1994. Several factors accounted for the growth of the services sector. Government--already sizable under the Ottomans--expanded as defense expenditures rose; health, education, and welfare programs were implemented; and the government work force was increased to staff the numerous new public organizations. Trade, tourism, transportation, and financial services also became more important as the economy developed and diversified.
The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. It accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around 8 per cent of the employment. India is the world’s fifth-largest global destination in the retail space.
The hotel industry is one of the fastest growing industries in India. The total market size of Indian tourism and hospitality sector stood at US$ 117.7 billion and is expected to touch US$ 418.9 billion by 2022. The foreign direct investment (FDI) inflows in hotel and tourism sector during April 2000 to July 2013
The article discusses how the international fast food chains once blazed the trail in India when they arrived about “15 years ago” (Rana). During this time, the big global brands such as Domino’s Pizza, McDonald’s, and Yum Brands that includes Pizza Hut and KFC built too many stores due to the anticipation of a larger growth. Now, the market growth has slowed for these original global brands in India. Growth is sluggish because
Factors inhibiting growth of factoring in India: Factoring industry has grown to the major extend all over the world. More than 1 lakh business houses are using factoring services over 7 million customers worldwide. The factoring volume is quite low in India. The factors inhibiting growth of factoring volumes
Modern retail in India could be worth US$ 175-200 billion by 2016. The Food Retail Industry in India dominates the shopping basket. The Mobile phone Retail Industry in India is already a US$ 16.7 billion business, growing at over 20 per cent per year. The future of the India Retail Industry looks promising with the growing of the market, with the government policies becoming more
Retailing plays a crucial role in the process of economic development by value addition, employment generation, equitable distribution of national income, mobilization of capital and entrepreneurial skills. The retail sector is expanding and modernizing rapidly in line with India’s economic growth. It offers significant employment opportunities, employing 7 % of the total workforce (only agriculture employs more) in the country. The total retail business in India will grow at 13 % annually from US $ 322 billion in 2006-07 to US $ 590 billion in 2011-12 and one of the top five retail markets in the world by economic value. India is one of the fastest growing retail markets in the world, with 1.2 billion people. Recognizing the important role, that, retail sector play in the national economy, the Central and State Governments have taken active steps to promote and foster their growth. The government policy is favorable to FDI in the retailing sector in phased manner so as to avoid opposition to such entry by domestic retailers. These measures have been particularly effective; but many of the problems/Controversy over Indian retail reforms still continues to afflict the retail sectors. Through in the 1990s, India introduced widespread free market reforms, including some related to retails, between 2000 to 2010, consumers in selected Indian cities have gradually begun to experience the quality, choice, convenience and benefits of organized retail industry. The Chief Minister of Maharashtra, the state with the highest GDP in India and home to its financial capital Mumbai has also welcomed the retail reform. India has about 11 shop outlets for every 1000 peoples. Vast majority of the unorganized retail shops in India employ family members, do not have the scale to procure or transport products at high volume wholesale level, have limited to no quality control or