Service industry is the biggest contributor to Indian GDP comprising of around 55%. It is also one of the biggest recipients of FDI capital and plays a pivotal role in employment generation. Indian service industry includes BFSI, healthcare, education, trade, hospitality, professional services, and numerous other sectors.
Service industry will continue to play a significant in India’s economic growth. As the country stands at a cusp of a digital revolution, marked by the wider availability of low-cost data and handsets, the nature of the service industry is also transforming. Most of the major service industries in India such as healthcare, BFSI, and education is shifting digitally. Young demographics and altered consumer behavior are also fostering an enabling environment for the digitization of services in India.
The Government of India also understands the significance of services as a growth enabler of the overall economy and is has unfolded a host of favorable policies tailor-made for individual sectors.
Rapid growth in internet penetration and a large young population is resulting in major makeovers in the Indian service industry
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