Blog details

Increase of Job market due to rise of Service Sector

Increase of Job market due to rise of Service Sector
The services sector is not only the dominant sector in India’s GDP, but has also attracted significant foreign investment flows, contributed significantly to exports as well as provided large-scale employment. India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction. Seven group provides manpower recruitment in all service sector.

The service sector is an important component of any country’s economy. It makes a direct and significant contribution to GDP and job creation, and provides crucial inputs for the rest of the economy, thus having a significant effect on the overall investment climate, which is an essential determinant of growth and development. Some service sectors such as the health, education, water and sanitation sectors, are also directly relevant to achieving social development objectives. 7Group Mumbai is concerned about the protection of environment, our firm initiated a corporate social Program Called Seven Teaching & Oxygen Plantation (STOP)

The service sector accounts for a significant proportion of GDP in most countries, including low income countries, where it frequently generates over 50% of GDP. The process of development usually coincides with a growing role of services in the economy (alongside a reduced role for agriculture). Thus services constitute an increasing percentage of GDP in nearly all developing countries. Services contributed 47% of growth in Sub-Saharan Africa over the period 2000-2005, while industry contributed 37% and agriculture only 16%. Recent growth in Africa is due to services as much as natural resources or textiles (even in countries benefiting from trade preferences in these products). The question is nor whether to move into services , but how and at what speed to move into services.

Many services are key inputs to all or most other business e.g. infrastructure services such as energy, telecommunications and transportation; financial services which facilitate transactions and provide access to finance for investment; health and education services which contribute to a healthy, well-trained workforce; and legal and accountancy services which are part of the institutional framework required to underpin a healthy market economy. These service sectors are thus a key part of the investment climate, and can have a much wider impact on overall business performance and the level of investment, and hence growth and productivity in the economy. As digital media is growing sector,  Seven Group providing services in digital field. Seven Group India is one of the top Executive Firm in Mumbai, Navi Mumbai & Thane who provides services in the field of HR, Education, IT, Digital & Legal.

Major reasons for the growth of service sector in India: 

    In recent times the service sector is increasing at a very fast pace. After the liberalization in the year 1991, the contribution of service sector is continuously increasing in the growth of our economy. However, agriculture is still dominating the Indian economy. Service sector are growing not only in volume but also in sophistication and complexity. Seven Group Mumbai has dedicated team to work on all our services efficiently and satisfies our clients through our service.  

The growth of service industry is the result of combination of several reasons, they are,
Increasing affluence(wealth)
Here with the increasing affluence, there has been an increase in the demand for those services, which the customers used to perform by themselves. For example, service provided by the gardener, servants, car driver etc.
More leisure(free time) time
This factor has lead to an increase in those services which are related to entertainment, because of increase in leisure time in today's people life. For example tourism industry has grown because of more leisure time available to the people.
Greater life expectancy(hope)
With increase in the average life of the people, there has been an increase in the service which is related to field of health care, for example medical services, pathology laboratory, nursing homes. Health care services etc.
Greater complexity of the product
With the growing complexity of the product, there has been an increase in the services which are indirectly supporting the maintenance of these complex products. For example Air-conditioner, car, computer, and other complex products require service every yearly of every half yearly.
Higher percentage of working women
With the passage of the time, there has been an increase in the working women. This has indirectly leaded to increase in the growth in the services such as, domestic servants, baby sittings, etc.
Increasing complexity of life
This has lead to an increase in the services of marriage bureau, legal service, income –tax consultants, placement services, etc.
Increasing number of new products
There are certain products which, if invented will lead to growth in the service sector. computer being the invention of the 21st century has lead to software industry which is totally a sieve industry.
The Road Ahead
Services sector growth is governed by both domestic and global factors. The Indian facilities management market is expected to grow at 17 per cent CAGR between 2015 and 2020 and surpass the US$19 billion mark supported by booming real estate, retail, and hospitality sectors. Services which being introduced by Seven Group are hr training and overseas education.

The implementation of the Goods and Services Tax (GST) has created a common national market and reduced the overall tax burden on goods. It is expected to reduce costs in the long run on account of availability of GST input credit, which will result in the reduction in prices of services.

Share This Page

Comments :

Comment Not Available

Leave a Reply

Your email address will not be published.
Required fields are marked *