Growth of Services Sector Under the WTO: An Analysis
Journal Title: International Journal of Research in Social Sciences - Year 2011, Vol 1, Issue 2
Abstract
The liberalized WTO regime has opened up both challenges and opportunities for India’s foreign trade. The opportunity lies in terms of expansion in the form of gaining entry in more and more countries and the challenges arise from issue relating to quality of products, reliability of services and the protectionist policies of the developed countries. India is trying her level best to maximize the benefits and faces the challenges through a series of policy measures. India took the first decisive step to open up its economy in 1991. Since then a series of reform have been implemented aimed at integrating the national economy with the world economy as a part of a conscious strategy to boost economic growth and development. Openness of the economy has proved to be a major factor in economic growth. The service sector forms the backbone of social and economic development of a region. It has emerged as the largest and fastest growing sectors in the world economy, making higher contributions to the global output and employment. Its growth rate has been higher than that of agriculture and manufacturing sectors. It is a large and most dynamic part of the Indian economy both in terms of employment potential and contribution to national income. It covers a wide range of activities, such as trading, transportation and communication, financial, real estate and business services, as well as community, social and personal services. This paper highlights the Post-WTO trading regime in services sector and highlights its opportunity for India’s trade in service. The study also examines the development of services between the developed countries and the developing countries. The paper also highlights the share of selected countries of the world trade in commercial services. The study has as its period of reference the post-WTO period which is also compared with the pre-WTO period. The study is based on secondary sources of data which have been collected from various sources. Due acknowledgement has been given to their appropriate places. The methodology used is simple and analytical. Tabular analysis has been used to analyse the data and results have been interpreted accordingly.
Authors and Affiliations
Dr. Jamil Ahmad
Keywords
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