Low employment rate in the service sector cannot sustain high growth rate for long

The service sector is one of the fastest growing sectors in India. Contribution of this sector in gross value addition in Indian economy was 52.97% during the financial year 2014-15 (Planning Commission 2015). India witnessed a rapid expansion in this sector after the liberalisation of the economy in 1991.

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Manufacturing sector in India before and after the liberalisation of 1991

A well-developed manufacturing sector is needed to provide the basic needs of the population. Similarly to lead to an increasingly diversified economy and to give rise to social psychology and institutional changes manufacturing sector is a principal indicator of economic development of a nation.

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