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India's Growing Services Sector

India's services sector has matured considerably during the last few years and has been globally recognized for its high growth and development. This sector has been growing at an annual growth rate of about 28% during the last 5 years. Services exports amounted to a meager US$ 8.9 billion in 1997 but over the years services exports have grown substantially. There has been rapid growth in the services exports from the year 2002. The exports have grown up from US $ 19.1 billion to US $ 73 billion in 2006, which in year 2009 was US $ 96 billion, further rising to US $ 110 in 2010.  Services sector account for 56% of India's GDP in 2011-12. 

India's global exports of commercial services during the last 15  years can be seen from the table below –

India's Global trade of Commercial Services

                                                                                                 US $ (Billion)

Years

 Exports

1997

8.9

1998

11.0

1999

14.0

2000

16.0

2001

16.8

2002

19.1

2003

23.1

2004

38.5

2005

68.0

2006
2007
2008
2009
2010
2011

73.0
86.0
107.2
93.0
124.0
149.0

Source:  ITC

Strong and consistent emphasis o­n self-reliance in its economic development programmes over the years by the Government of India have enabled India to build up a huge and versatile cadre of professionals with expertise and skills across a vast and wide-ranging spectrum of disciplines likeHealth Care, Tourism, Education, Engineering, Communications, Transportation, Information Technology, Banking, Finance, Management and a host of others. A sizeable part of this workforce of professionals makes up the country's growing consultancy sector which is offering its accumulated experience and expertise at home and abroad.


A noteworthy feature of India's consultancy professionals is their capability and capacity to provide expertise especially suitable for developing countries, in addition to offering consultancy in sophisticated areas (information technology, advanced financial and banking services etc.) in developed countries like the USA, UK, France,West Germany and Australia, Russia and CIS countries,etc.

FIEO is o­ne of the important service organization forhelping the Indian consultancy firms engaged in exports. Most of FIEO's member consultancy organizations are also registered with international and national consultancy organizations, reflecting theglobal acceptance of their high credentials.

 
 
India's Growing Services Sector