SERVICE SECTOR : AN OVERVIEW
DOI:
https://doi.org/10.29121/shodhkosh.v1.i1.2020.5669Keywords:
Service Sector, Global Growth Patterns, Economic Reforms, Jobless Growth, Policy ChallengesAbstract [English]
The service sector is now the most dynamic component of many modern economies in both developed and developing countries. This paper gives an overview of historical evolution, theoretical foundations, and global growth patterns of the service sector. It explains the shift from farming (agriculture) to factories (industry), and then to services. Contributions of thinkers like Quesnay, Adam Smith, Clark, and Fisher are discussed for their ideas on this topic. The paper also looks at global trends in service sector income and jobs, with special attention to the Indian context. India’s path is different—it moved directly from agriculture to services, bypassing the industrial stage. The paper also explains how services grew rapidly in India after the 1990s economic reforms. It shows how the service sector changed the economy, but also raised concerns about jobless growth. The analysis underlines the sector's growing significance, its diversity, and the policy challenges in capturing accurate data due to its diverse and informal nature.
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