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DispatchAccountTrade

by The Republic of Romoan. . 3 reads.

Service Sector in india

Services


The services sector has the largest share of India's GDP, accounting for 57% in 2012, up from 15% in 1950. It is the seventh-largest services sector by nominal GDP, and third largest when purchasing power is taken into account. The services sector provides employment to 27% of the workforce. Information technology and business process outsourcing are among the fastest-growing sectors, having a cumulative growth rate of revenue 33.6% between fiscal years 1997–98 and 2002–03, and contributing to 25% of the country's total exports in 2007–08.

Aviation


India is the fourth-largest civil aviation market in the world recording an air traffic of 158 million passengers in 2017.[271][272] The market is estimated to have 800 aircraft by 2020, which would account for 4.3% of global volumes, and is expected to record annual passenger traffic of 520 million by 2037. IATA estimated that aviation contributed $30 billion to India's GDP in 2017, and supported 7.5 million jobs – 390,000 directly, 570,000 in the value chain, and 6.2 million through tourism.

Banking

State Bank of India

The financial services industry contributed $809 billion (37% of GDP) and employed 14.17 million people (3% of the workforce) in 2016, and the banking sector contributed $407 billion (19% of GDP) and employed 5.5 million people (1% of the workforce) in 2016.[192] The Indian money market is classified into the organised sector, comprising private, public and foreign-owned commercial banks and cooperative banks, together known as 'scheduled banks'; and the unorganised sector, which includes individual or family-owned indigenous bankers or money lenders and non-banking financial companies.
India's gross domestic savings in 2006–07 as a percentage of GDP stood at a high 32.8%.More than half of personal savings are invested in physical assets such as land, houses, cattle, and gold.[284] The government-owned public-sector banks hold over 75% of total assets of the banking industry, with the private and foreign banks holding 18.2% and 6.5% respectively.[285] Since liberalisation, the government has approved significant banking reforms.

Financial Technology

According to the report of The National Association of Software and Services Companies (NASSCOM), India has a presence of around 400 companies in the fintech space, with an investment of about $420 million in 2015. The NASSCOM report also estimated the fintech software and services market to grow 1.7 times by 2020, making it worth $8 billion.[287] The Indian fintech landscape is segmented as follows – 34% in payment processing, followed by 32% in banking and 12% in the trading, public and private markets.

IT

Infosys Media Centre

Tidel Park

The information technology (IT) industry in India consists of two major components: IT Services and business process outsourcing (BPO). The sector has increased its contribution to India's GDP from 1.2% in 1998 to 7.5% in 2012.[289] According to NASSCOM, the sector aggregated revenues of US$147 billion in 2015, where export revenue stood at US$99 billion and domestic at US$48 billion, growing by over 13%.
The business process outsourcing services in the outsourcing industry in India caters mainly to Western operations of multinational corporations. As of 2012, around 2.8 million people work in the outsourcing sector.[292] Annual revenues are around $11 billion,[292] around 1% of GDP. Around 2.5 million people graduate in India every year. Wages are rising by 10–15 percent as a result of skill shortages

Insurance

India became the tenth-largest insurance market in the world in 2013, rising from 15th in 2011. At a total market size of US$66.4 billion in 2013, it remains small compared to world's major economies,[295] and the Indian insurance market accounted for just 2% of the world's insurance business in 2017. India's life and non-life insurance industry collected ₹6.10 trillion (US$86 billion) in total gross insurance premiums in 2018. Life insurance accounts for 75.41% of the insurance market and the rest is general insurance. Of the 52 insurance companies in India, 24 are active in life-insurance business.

Retail


The retail industry, excluding wholesale, contributed $482 billion (22% of GDP) and employed 249.94 million people (57% of the workforce) in 2016. The industry is the second largest employer in India, after agriculture.[192] The Indian retail market is estimated to be US$600 billion and one of the top-five retail markets in the world by economic value. India has one of the fastest-growing retail markets in the world.

Tourism


The World Travel & Tourism Council calculated that tourism generated ₹15.24 trillion (US$210 billion) or 9.4% of the nation's GDP in 2017 and supported 41.622 million jobs, 8% of its total employment. The sector is predicted to grow at an annual rate of 6.9% to ₹32.05 trillion (US$450 billion) by 2028 (9.9% of GDP). Over 10 million foreign tourists arrived in India in 2017 compared to 8.89 million in 2016, recording a growth of 15.6%. India earned $21.07 billion in foreign exchange from tourism receipts in 2015. International tourism to India has seen a steady growth from 2.37 million arrivals in 1997 to 8.03 million arrivals in 2015. The United States is the largest source of international tourists to India, while European Union nations and Japan are other major sources of international tourists. Less than 10% of international tourists visit the Taj Mahal, with the majority visiting other cultural, thematic and holiday circuits. Over 12 million Indian citizens take international trips each year for tourism, while domestic tourism within India adds about 740 million Indian travellers.
India has a fast-growing medical tourism sector of its health care economy, offering low-cost health services and long-term care.

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Media and Entertainment

An ASSOCHAM-PwC joint study projected that the Indian media and entertainment industry would grow from a size of $30.364 billion in 2017 to $52.683 billion by 2022, recording a CAGR of 11.7%. The study also predicted that television, cinema and over-the-top services would account for nearly half of the overall industry growth during the period.

Logistics

The logistics industry in India was worth over $160 billion in 2016, and grew at a CAGR of 7.8% in the previous five-year period. The industry employs about 22 million people.

Telecommunication

The telecommunication sector generated ₹2.20 trillion (US$31 billion) in revenue in 2014–15, accounting for 1.94% of total GDP.[320] India is the second-largest market in the world by number of telephone users (both fixed and mobile phones) with 1.053 billion subscribers as of 31 August 2016. It has one of the lowest call-tariffs in the world, due to fierce competition among telecom operators. India has the world's third-largest Internet user-base. As of 31 March 2016, there were 342.65 million Internet subscribers in the country.
India is the largest direct-to-home (DTH) television market in the world by number of subscribers. As of May 2016, there were 84.80 million DTH subscribers in the country.

The Republic of Romoan

Edited:

RawReport