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Service Sector: Banking

Service Sector: Banking

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Published by steffszone

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Published by: steffszone on Oct 13, 2009
Copyright:Attribution Non-commercial


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ervice Sector is the lifelinefor the social economic growth of acountry. It is today the largest andfastest growing sector globallycontributing more to the globaloutput and employing more peoplethan any other sector.The real reason for thegrowth of the service sector is dueto the increase in urbanization, privatization and more demand for intermediate and final consumer services. Availability of qualityservices is vital for the well being of the economy.In advanced economies the growth in the primary and secondary sectorsare directly dependent on the growth of services like banking, insurance, trade,commerce, entertainment etc.The service sector is going through almost revolutionary change, itdramatically affects the way in which we live and work. New services arecontinually being launched to satisfy consumers existing needs and to meet the
 Needs that they do not even know they had. Ten years ago people did notanticipate the need for email, online banking, web hosting, online reservationand many other new services, but today many of us feel we cannot survivewithout them. Similar transformations are happening in Business to businessmarketing. Service organisations vary widely in size. At one end are the hugeinternational corporations operating in industries such as tourism, airlines, banking, telecommunication etc whereas on the other end of the scale is a vastarray of locally owned and operated small businesses including parlours ,hotels , laundry n numerous business to business services.
How important is the service sector in an economy?
In most countries services add more economic value than agriculture,rawmaterials and manufacturing combined.
In developed economies employment is dominated by service jobs andmost new job growth comes from services. 
Jobs range from high paid professionals and technicians to minimumwage positions.
Service organisations can be any size, from huge global corporations tolocal small businesses.
Most activities by govt. agencies and non profit orgs involve service.
Service Sector in India
:In alignment with the global trends, Indian service sector has witnessed amajor boom and is one of the major contributors to both employment andnational income in recent times. The activities under the purview of the servicesector are quite diverse. Trading, transportation and communication, financial,real estate and business services, community, social and personal servicescome within the gambit of the service industry. Service sector in Indiaaccounts for more than half of India’s GDP. According to data for the financialyear 2008, the share of services, industry and agriculture in India’s GDP is53.7% 29.1% and 17.2% respectively.
The various sectors that combine together to constitute service industry inIndia are stated as under:
Hotels and restaurants
Other transport and storage
Communication (post and telecom)
Dwellings, real estate
Business services
Public administrations, defence
Personal services
Community services
Other service

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