Emergence of Service Sector

[gurpreetsingh]

Service sector is at boom in India and it is having more than 50% contribution in our GDP. Well how service emerged is an interesting topic

Well after 20-30 years of industrial revolution there was a huge upliftment of society i.e. increase in their economic, financial and consumption pattern of the consumers. This resulted in increase in consumption i.e. increase in demand.
During this span of time the creation of weath was primarily based on
- Industrialization
- manufacturing
- marketing
of products
The focus of economy was to produce and manufacture more and more tangible goods.
Services such as accounting, banking etc were considered as supporting activities to the manufacturing sector. The economy was totally focused on manufacturing sector. The market was called as the sellers market.
After that period services emerged as a separate area of market and economy with the emergence of services the distribution and disposal of wealth became better.
The secret of success of developed countries was their main focus or we can say that promotion of service sector industries and now it is clear that Indian economy is developing at very fast pace due to success of service sector firms like - banks, insurance, BPO service, Share traders etc.