Industries and service sectors have been key growth factors in any economy. India has witnessed tremendous growth over the last 15 years in different industrial sectors. Change in the Government of Indian economic policy is the major driver for this growth. Prior to 1990 Indian economy was of closed type and the government enterprises controlled all Indian market. Post 1990 Government of India changed its policy and opened its market for foreign investments. As a result of this, India made great progress, both technologically and economically.
Industries and Services play a vital role in accelerating socio-economic development of a nation. These sectors are the largest generator of employment opportunity and provide various goods and services to cater to the needs of the people. Other than agriculture, these industries and services are the basis of all the major policy initiatives of the Indian Government. In India the industrial sector majorly consisting of Automobile, Drugs and Pharmaceuticals, Heavy Industries, Ports, Telecommunications, Biotechnology, Fertilizers, Light Engineering Industry, Power, Cement, Food Processing, Mines and Steel. Service sector includes Information Technology and IT Enabled Services, Retailing, Health, Media, Education, Tourism and Real Estate. These are governed by their respective Ministries or Departments. But overall ‘Department of Industrial Policy and Promotion (DIPP)’, under the Ministry of Commerce and Industry, is the main agency for monitoring all the industries.
Globally service industry has emerged as the fastest growing sector. In India Services sector contributed as much as 68.6 per cent of the overall average growth in gross domestic product (GDP) between the years 2002-03 and 2006-07. Service sector has propelled growth of several infrastructural facilities and increased the productivity of various industries. Indian Government has been strengthening the growth of these sectors as a country cannot grow at a higher rate without a larger proportion of services in gross domestic product (GDP).
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