The Services
Sector inter-alia includes sub-sectors like Trade; Hotels and Restaurants;
Transport; Storage & warehousing; Communication; Banking and Insurance;
Real Estate; Business services; Public administration and defence; Social and
personal services; and Other services including Education, Medical and Health,
Religious and Other Community Services, Legal Services, Recreation and
Entertainment Services.
The service
sector in Indian Economy is contributing more than half to its entire GDP in a
year. Here below we present the share of
GDP at constant (2004-05) prices for the various sectors/ sub-sectors for the
year 1950-51, 2004-05 (Base Year) and for latest available years 2011-12 (First
Revised Estimates i.e. based on current available data) in total GDP of the
economy.
Table 1
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Sectors
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Share of GDP at (2004-05) Prices
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(%)
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1950-51
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2004-05
|
2011-12
|
|
RE
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|||
6. trade, hotels & restaurant
|
8.4
|
16.1
|
16.9
|
6.1 trade
|
7.8
|
14.6
|
15.5
|
6.2 hotels & restaurants
|
0.6
|
1.5
|
1.4
|
7.
transport,storage & communication
|
2.6
|
8.4
|
10.6
|
7.1 railways
|
1.2
|
1.0
|
1.0
|
7.2 transport by other means
|
1.7
|
5.7
|
5.6
|
7.3 storage
|
0.1
|
0.1
|
0.1
|
7.4 communication
|
0.1
|
1.7
|
4.0
|
8.
financing,ins.,real estate & bus servs
|
8.3
|
14.7
|
18.1
|
8.1 banking & insurance
|
1.0
|
5.8
|
8.8
|
8.2 real estate, Ownership of dwellings
|
7.5
|
9.0
|
9.3
|
9. community, social & pers. servs
|
10.2
|
13.8
|
12.8
|
9.1 Public administration & defence
|
2.8
|
5.9
|
5.7
|
9.2 Other Services
|
7.8
|
8.0
|
7.2
|
GDP of All
Service Sectors
|
29.5
|
53.0
|
58.4
|
GDP of All
Sectors
|
100
|
100
|
100
|
Table 2
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Sectors
|
Percent Share of Service Sub Sectors to All Service Sectors GDP at
(2004-05) Prices
|
||
(%)
|
|||
1950-51
|
2004-05
|
2011-12
|
|
RE
|
|||
6. trade, hotels & restaurant
|
28.4
|
30.3
|
28.9
|
6.1 trade
|
26.4
|
27.5
|
26.5
|
6.2 hotels & restaurants
|
2.1
|
2.7
|
2.4
|
7. transport,storage
& communication
|
8.9
|
15.9
|
18.2
|
7.1 railways
|
3.9
|
1.9
|
1.7
|
7.2 transport by other means
|
5.8
|
10.8
|
9.5
|
7.3 storage
|
0.3
|
0.1
|
0.1
|
7.4 communication
|
0.5
|
3.1
|
6.9
|
8.
financing,ins.,real estate & bus servs
|
28.2
|
27.7
|
31.0
|
8.1 banking & insurance
|
3.3
|
10.9
|
15.0
|
8.2 real est, O'ship of dwellings
|
25.4
|
16.9
|
16.0
|
9. community, social & pers. servs
|
34.5
|
26.1
|
22.0
|
9.1 Public administration & defence
|
9.5
|
11.1
|
9.7
|
9.2 Other Services
|
26.3
|
15.0
|
12.3
|
GDP of All
Service Sectors
|
100.0
|
100.0
|
100.0
|
The Service Sector
constitutes a large part of the Indian economy both in terms of employment
potential and its contribution to national income now. Its share is around
sixty percent in the whole economy and has risen from the share of round thirty
percent i.e. its share has doubled since 1950-51. Question naturally comes to
mind regarding its sub-sectors. Are
every service sector gaining importance?
Relatively, at the overall GDP level, it can be seen from the data that
almost all service – sub-sectors have got increase in its share in GDP except
for the services like Railways, storage and other services have lost their
share since 1950-51. But the share
reduction is negligible in case of railways and storage.
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