REASONS FOR SERVICE SECTORS THRIVING IN INDIA!

The service sector consists of the "soft" parts of the economy such as insurance, government, tourism, banking, retail, education, and social services, Consulting Business services, IT/ITes, Tourism, Transport & Storage, Healthcare/hospitals, Real estate etc. India’s service sector is larger and growing faster than that of economies with higher percapita GDP. Rapidly increasing two-way trade in information technology enabled services (IT–ITES) and other high-end services sub-sectors has been a critical factor in India’s improved economic performance.
The reasons for these servicing sectors thriving today include the large pool of engineering talent facilitating the rapidly expanding telecommunications sector and also IT–ITES that require immense dedication in technology and India is known worldwide for its efficient, versatile and innovative engineers.
The banking industry has undergone profound changes of consolidation, spread of electronic banking and increased freedom to combine banking with other financial services. The emerging environment highlights challenges of intensified competition, increased business complexities, profitability, meeting up customer expectations and increasing employee productivity. This flexibility and competition compels the sector to continue improving to furnish the needs of the millions of people and with the booming industrial sector, the service sections enjoy a great response.
The growth in earnings from trade, hotels and restaurants or, for that matter, from financing, insurance, real estate and business can be sustained only if industrial income grows proportionately to support their prosperity. The good performance of the industrial sector thus, has not only improved its own share in GDP but has paved the way for a sustained service sector growth too It is basically this boom that is facilitating the real progress and scope for the Service sections and with efficient employees and cheap labor, Business Outsourcing has become another major contribution in helping these sections thrive. With the efficiency and perseverance of the Indians, and the effective communication skills make Indians preferred in the service sections and a large proportion of Business comes from the Multinational companies who prefer India as a preferred destination because of the quality of output at a very low investment. Our Hospitality too is deeply admired and with Tourism booming with the Globalization, the sector is attaining tremendous denotation and due to the heavy competitions, the quality and standards are improving appreciably. People from The United States of America prefer coming to India for their health treatment because of the comfortable ambience and because of the cheaper treatments that may be as less as about 5 to 7 times cheaper and unlike the Canadians who have to wait for days for a small treatment, Indians waste no time in too much of formalities. Thus along with the advanced technological systems, dedicated medical professionals and our warm hospitality for the millions of people both in our nation, our underdeveloped neighboring nations and even for the developed nations, India is ready to suffice them all with no compromise with quality and thus enabling this section to maintain a notable growth curve.
The growth pattern of industry indeed, suggests that the industries can maintain its growth trend and so will the service sector continue to thrive successfully continuing to empower Indians for what they are making India a brand name irrespective of the service sector while each and every individual contributes in his own means to make India known for its quality service and its efficiency thus being trusted worldwide in the service sector.