Service Sector Contribution to Exports
The service sector accounted for nearly 45 percent of exports in the fiscal year 2007-08 in India. This indicates the significant role played by services in driving the country's export growth during that period.

Importance of the Service Sector
- The service sector encompasses a wide range of industries such as IT, tourism, healthcare, education, banking, and more.
- It plays a crucial role in generating employment and contributes significantly to the overall GDP of the country.
- The service sector also helps in attracting foreign investments, technology transfers, and global collaborations.

Factors Contributing to the Growth
- The liberalization of the Indian economy in the early 1990s opened up opportunities for the service sector to flourish.
- The emergence of information technology and business process outsourcing (BPO) industries further boosted the export potential of services.
- Government initiatives and policies aimed at promoting the service sector also played a key role in its growth.

Challenges and Opportunities
- Despite its significant contribution, the service sector faces challenges such as regulatory issues, skill gaps, and global competition.
- However, with increasing digitalization and globalization, the service sector also presents numerous opportunities for growth and innovation.
In conclusion, the service sector's substantial contribution to exports in 2007-08 highlights its importance in the Indian economy. With the right policies and support, the service sector can continue to drive export growth and economic development in the country.