IMPLICATION OF THE TERTIARY SECTOR IN THE INDIAN ECONOMY – BIRD’S EYE SCRUTINY OF TAMILNADU’S TERTIARY SECTOR AND THE OVERALL CONTRIBUTION TO GDP
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 5
Abstract
The transition of an economy from the primary and the secondary sectors towards the tertiary sector paves way for the development of a country. The predominance of the service sector not only contributes towards increasing the GDP but also enables to achieve the Millennium development goals put forth by the UN. The tertiary sector plays an invincible role in accelerating the developmental process of an economy by contributing nearly 50% towards the GDP. The service sector in India accounted for a colossal 60.7% of FDI equity inflows during 2016-17 as cited by IBEF. This makes it evident that international trade and investment flourishes with the growth of the service sector. The tertiary sector is a paramount provider of employment opportunities. In India as well as in the global landscape the service sector has widely influenced the economic, political and social scenario. Tamil Nadu being the fourth largest state of India has also seen a manifold increase in the number of services and their growth prospects. Growth of IT and IT Enabled Services (ITES) in Tamil Nadu has created a conducive climate for the service sector. Unpropitious governmental policies and red tapism in Least Developed Countries (LDCs) and Land Locked Developing Countries (LLDCs) pose challenges for the service sector. In the Indian context, the ever growing population and lack of vital data makes the implementation and evaluation of government policies in the service sector a Herculean task. This paper strives to emphasize on the gargantuan potential of the service industry and the impediments faced by it.
Authors and Affiliations
Jeyaprabha Bose S, Vijaya Kumar M, Priyanka K
Keywords
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- EP ID EP411116
- DOI 10.9790/487X-2005012530.
- Views 94
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