Economic Survey: Services sector grows by 9.4% despite slowing GDP growth
The Economic Survey 2011-12 presented in the Lok Sabha today, suggests that the Services Sector continues to remain growth engine for Indian Economy.
The global recession only partially succeeded in slowing the Indian economy thanks to the continual offsetting growth of service sector to nearly 10% in the year 2010-11. The Economic Survey 2011-12 presented in the Lok Sabha today, suggests that the Services Sector continues to remain growth engine for Indian Economy. The Economic Survey points out that the Services Sector grew by 9.4% which was little higher than 9.3% in the previous year.
The dampening effect of international investment into industry sector slowed the GDP growth rate to 6.9% unleashing a flurry of worries for the Government. The industry sector contributes nearly 26% to the GDP. However, maintaining the growth momentum the Service Sector recorded expected growth rate to bottom out the industrial slow down across the globe. The Sector along with the agricultural sector, placed India in the top fastest growing economies of the world despite Euro zone crisis and North American economic instabilities.
The Survey clearly says that the economy has successfully navigated the turbulent years of the recent global economic crisis because of the vitality of this Sector in the domestic economy and its prominent role in India