Significance of India’s Services Sector UPSC

Talks regarding India’s economic future and potential paths to achieving its development objectives are commonplace. There have been debates on whether India should prioritize the expansion of its service sector over that of its industrial (manufacturing) sector in order to grow and prosper. The services sector, which includes the financial, healthcare, information technology, and tourist industries, has been a vibrant hub for innovation and growth in recent years. As the industrialized economies of today evolved, they progressively shifted their focus from agriculture to manufacturing to services; this is especially evident in the Asian economies of China, South Korea, and Taiwan.