What are the roles of service industry to economic development?
What are the roles of service industry to economic development?
Service industries have contributed to the expansion of electronic networks by opening possibilities for trade in long-distance services. 8. It allows the production and consumption of information by allowing domestic firms to benefit through the transfer of technology. 9.
What is the importance of the service industry on the economy?
The importance of service industries in the economy is that they contribute significantly to the domestic and global economy. Based on various research reports, 70 percent of the GDP in most countries result from service industries.
What is the role of service sector in the development of Indian economy?
The services sector is not only the dominant sector in India’s GDP, but has also attracted significant foreign investment, has contributed significantly to export and has provided large-scale employment.
What is the role of service sector in the economic development of Jammu and Kashmir?
With a 56 per cent share, the service sector constitutes most of J&K’s economy. The tourism sector plays an important role in the state’s economy. The sector has huge potential for employment generation, even for unskilled manpower. Tourism also caters to the allied sectors like handicrafts, handlooms, and transport.
What are the contribution of service industry to economic development of Nigeria?
The service sector accounted for 54.8% of the rebased GDP, with the largest contributors being wholesale and retail trade contributing 16.27%, real estate contributing 8.37%, and Information and Communication contributing 11.04% [18]. The service sector has the potential to increase economic growth in Nigeria.
What is service industry in India?
The service sector consists of the soft parts of the economy such as insurance, government, tourism, banking, retail, education, and social services. Currently service sector is contributing near about 60 % of Indian GDP. Service sector is also known as tertiary sector.
What is the role of handicraft sector in employment generation in Jammu and Kashmir class 10?
The Handicraft sector in Jammu and Kashmir occupies an important position in economic activity. It employs nearly 4 – 5 lakh artisans with about 179 major craft clusters. It generates a revenue of nearly Rs. The handicraft sector is major employment generator.
What is the industry of Jammu and Kashmir?
J&K is famous for its small-scale and cottage industries such as carpet weaving, silks, shawls, basketry, pottery, copper and silverware, papier-mâché and walnut wood. J&K SIDCO is the nodal agency for promotion and development of medium- and large-scale industries in the UT.
What is the contribution of services industries to the GDP?
In the age of globalization and technology, service sector is the engine for growth as it contributes two-third to global economies. Service sector plays a vital role for economic progress, contributing 59.6 % in Pakistan’s Gross domestic product (GDP).
What is the importance of service?
A service is intangible product based transactions. Quality, efficiency and consistency in services helps a service in success. Service standards helps an organisation in delivering quality, efficiency and consistency.
What is the service sector of an economy?
The service sector, also known as the tertiary sector, is the third tier in the three sector economy. Instead of the product production, this sector produces services maintenance and repairs, training, or consulting. Examples of service sector jobs include housekeeping, tours, nursing, and teaching.
What are the 5 types of service industry?
DEFINITION OF THE SERVICE INDUSTRY The service-producing sector includes the divisions of (1) transportation, communications, and utilities; (2)wholesale trade; (3) retail trade; (4) finance, insurance, and real estate; (5) public administration; and (6) services.
What is the role of service industry in economic development?
Role of Service Industry in Economic Development of a Nation. Service sector is the lifeline for the social economic growth of a country. It is today the largest and fastest growing sector globally contributing more to the global output and employing more people than any other sector.
What is service industry?
Service sector is the lifeline for the social economic growth of a country. It is today the largest and fastest growing sector globally contributing more to the global output and employing more people than any other sector.
Why India’s service sector is important for the economy?
Availability of quality services is vital for the well being of the economy. In alignment with the global trends, Indian service sector has witnessed a major boom and is one of the major contributors to both employment and national income in recent times.
How does the service sector contribute to the development of Agriculture?
The development of service sector leads to the enlargement of the primary and secondary sectors. The development of service sector promotes and adds value to the agricultural sector. Service sector provides finance, marketing, transport, insurance for the development of the agriculture sector.
