Professional Documents
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ECONOMIC GROWTH
By-
Shashwati Pawar
SERVICE SECTOR
The service sector is also called the tertiary sector.
The basic characteristic of this sector is the
production of services instead of end products.
Service sector produces the products which are know
as services.
SERVICES
A service is an act of performance that one party
can offer to another that is essentially intangible and
does not result in the ownership of anything. Its
production may or may not be tied to a physical
product.
-Philip Kotler
In simple words, Service is an economic activity that
is tangible, cannot be stored and does not result in
ownership. Services are consumed at the point of
sales.
CHARACTERISTICS OF SERVICES
Intangible - It cannot be touched.
Inseparability - Services cannot be separated from the
service providers.
Heterogeneity A service is one-time generated,
rendered and consumed and can never be exactly
repeated.
Perish ability Once a service is consumed then it
cannot be consumed again.
Financial services
Banking
SERVICE INDUSTRY Insurance
Telecommunication Investment management
Hospitality industry/Tourism FMCG
Mass media Professional services
Healthcare/hospitals Accountancy
Public health Legal services
Information technology Management consulting
Wholesale and Trade Consulting
Transportation Retail sales
Education Real estate
Government services
ECONOMIC GROWTH
Economic growth is the increase in the market value of the
goods and services produced by an economy over time. It is
conventionally measured as the percent rate of increase
in real gross domestic product.
GDP refers to Gross domestic product , it is the market value of
all officially recognized final goods and services produced within
a country in a given period of time, generally a year. GDP per
capita is often considered as an indicator of countrys standard of
living.
bution to thetotal
SERVICE SECTOR IN
ent would only be
INDIA
Services sector in future providing about 70 per cent of the new job
s emergingfrom
communication and personal services
heemployment
around 17 per cent.