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Growth of Service Sector Video Lecture | Business Economics for CA Foundation
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FAQs on Growth of Service Sector Video Lecture - Business Economics for CA Foundation
| 1. What is the service sector and how does it contribute to economic growth? |  |
The service sector refers to a range of economic activities that provide intangible services to consumers. This sector includes industries such as banking, insurance, healthcare, education, tourism, and retail. The service sector contributes to economic growth by generating employment opportunities, increasing productivity, and driving innovation. It also plays a crucial role in meeting the demands of consumers and enhancing their overall standard of living.
| 2. What are the main factors driving the growth of the service sector? | |
Several factors contribute to the growth of the service sector. Firstly, the increasing disposable income of individuals enables them to spend more on services such as travel, entertainment, and healthcare. Secondly, advancements in technology have led to the emergence of new services and improved service delivery mechanisms. Thirdly, globalization has opened up opportunities for service providers to expand their operations across borders. Lastly, changing consumer preferences towards convenience and personalized experiences have fueled the demand for services.
| 3. How does the growth of the service sector impact employment opportunities? | |
The growth of the service sector has a significant impact on employment opportunities. As the sector expands, it creates a wide range of job roles across various industries. This includes positions in customer service, hospitality, finance, marketing, information technology, and healthcare, among others. The service sector also provides employment opportunities for individuals with diverse skill sets and educational backgrounds. Additionally, the sector's growth often leads to the creation of ancillary businesses and support services, further contributing to job creation.
| 4. What are some challenges faced by the service sector in achieving sustained growth? | |
While the service sector offers immense growth potential, it also faces certain challenges. One challenge is the need for continuous innovation and adaptation to changing consumer demands and technological advancements. Service providers must invest in research and development to stay competitive. Another challenge is the impact of economic downturns, as the service sector is often directly affected by fluctuations in consumer spending. Additionally, the service sector is highly dependent on the quality and availability of a skilled workforce, making talent acquisition and retention a challenge.
| 5. How does the growth of the service sector impact overall economic development? | |
The growth of the service sector plays a crucial role in overall economic development. It contributes to the diversification of the economy, reducing dependence on traditional industries. The sector's expansion also leads to increased tax revenues for governments, which can be used to fund public services and infrastructure development. Moreover, the service sector often acts as a catalyst for innovation and productivity improvements. It fosters entrepreneurship and attracts investment, further stimulating economic growth.
Text Transcript from Video
oh it has grown it has grown
tremendously in all the sectors as you
know in IIT enable services BPO gr since
we are a labor-intensive economy where
the availability of labor is there so it
is in all these services are 19 able
services and dpo Mia in providing
services similarly a rich culture a
country with a rich culture and
diversity tourism is also a very
important industry where it is growing
tremendously Financial Services has also
improved tremendously from the era of
moneylenders to so many in financial
Institute's coming up they have also
improved tremendously insurance sector
real estate sector entertainment
industry has become so big
similarly education sector has also
increased tremendously with so many
private Institute's coming up so overall
we can see that the service sector has
grown tremendously over the years
as you can see the agriculture the
percentage of GDP earlier it was the
agricultural sector which was leading
with 53 percent of GDP coming from
agriculture and it has come down to 14
whereas service sector has increased
from 30 percent contribution to GDP to
60 percent it has nearly doubled and at
present 14 percent income GDP is a share
of agriculture 26% is from industry and
60 percent of share in GDP is from the
service sector so it is the cup it has
grown and it is a very important sector
for Indian economy at the moment now
factors that have been responsible for
growth in service sector is income
elasticity of demand for services is
greater than one what do we mean by
income elasticity of demand income
elasticity of demand means that the
percentage change in the demand of a
good in proportion to the percentage
change in your income that is your
income increases by 10 percent your
proportionate change in the demand
service increases by 20% so that is very
greater that is greater than one for
services because nowadays as income of
the people increases they like to spend
more so on communication on
entertainment or better education so
this is one reason why service sector
has grown so tremendously secondly
secondly because of the services that we
provide outsourcing of services as
possible because of the better
technology and it is being possible to
provide your services out also and
foreign countries also so that is also
one of the reason why the service sector
has grown and information technology
revolution because of the improvement in
technology you can offer your services
abroad as well that is why the service
sector has grown and economic reforms
have been introduced that have also
helped a lot in improving your or growth
of your service sector now it is the
environment there is more liberalized
eco policies there is globalization
there is a bigger platform where you can
attract tourists also it has become
easier so for all these things it has
grown
tremendously in all the sectors as you
know in IIT enable services BPO gr since
we are a labor-intensive economy where
the availability of labor is there so it
is in all these services are 19 able
services and dpo Mia in providing
services similarly a rich culture a
country with a rich culture and
diversity tourism is also a very
important industry where it is growing
tremendously Financial Services has also
improved tremendously from the era of
moneylenders to so many in financial
Institute's coming up they have also
improved tremendously insurance sector
real estate sector entertainment
industry has become so big
similarly education sector has also
increased tremendously with so many
private Institute's coming up so overall
we can see that the service sector has
grown tremendously over the years
as you can see the agriculture the
percentage of GDP earlier it was the
agricultural sector which was leading
with 53 percent of GDP coming from
agriculture and it has come down to 14
whereas service sector has increased
from 30 percent contribution to GDP to
60 percent it has nearly doubled and at
present 14 percent income GDP is a share
of agriculture 26% is from industry and
60 percent of share in GDP is from the
service sector so it is the cup it has
grown and it is a very important sector
for Indian economy at the moment now
factors that have been responsible for
growth in service sector is income
elasticity of demand for services is
greater than one what do we mean by
income elasticity of demand income
elasticity of demand means that the
percentage change in the demand of a
good in proportion to the percentage
change in your income that is your
income increases by 10 percent your
proportionate change in the demand
service increases by 20% so that is very
greater that is greater than one for
services because nowadays as income of
the people increases they like to spend
more so on communication on
entertainment or better education so
this is one reason why service sector
has grown so tremendously secondly
secondly because of the services that we
provide outsourcing of services as
possible because of the better
technology and it is being possible to
provide your services out also and
foreign countries also so that is also
one of the reason why the service sector
has grown and information technology
revolution because of the improvement in
technology you can offer your services
abroad as well that is why the service
sector has grown and economic reforms
have been introduced that have also
helped a lot in improving your or growth
of your service sector now it is the
environment there is more liberalized
eco policies there is globalization
there is a bigger platform where you can
attract tourists also it has become
easier so for all these things it has
grown
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Nov 16, 2024 Last updated |
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