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Economic Survey 2015-16 Services Sector remains the Key Driver of Economic Growth contributing almost 66.1 in 2015-16

Budget - Dated:- 26-2-2016 - The services sector in India has remained the most vibrant sector in terms of contribution to national and state incomes, trade flows, FDI inflows, and employment. According to the Economic Survey 2015-16 tabled in Parliament today, the services sector contributed almost 66.1% of its gross value added growth in 2015-16 becoming the important net foreign exchange earner and the most attractive sector for FDI (Foreign Direct Investment) inflows. Despite the slow down i .....

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3. There has been a significant growth in FDI inflows in 2014-15 and 2015-16(April - October) in general and in Services Sector in particular. In 2014-15, FDI inflows to the Services Sector grew by a whopping 70.4% to 16.4 billion US$. This rising trend is continuing in the first seven months of 2015-16 with the FDI equity inflows in the services sector growing by 74.7% to 14.8 billion US$. Significant FDI related liberalization has taken place in a number of sectors to ensure that India remains .....

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50% in 2014-15 compared to 38% in 2004-05. India s Services Import at 81.1 billion US$ grew by 3.3% in 2014-15 . The Government has taken policy initiatives to promote services exports which include the Service Export from India Scheme (SEIS) and organizing Global Exhibition on Services (GES). Tourism Tourism is a major engine of economic growth, and a generator of employment of diverse kinds. According to Economic Survey India s tourism growth which was 10.2% in terms of foreign Tourist Arriva .....

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tic tourist visits in 2014 are Tamil Nadu, Uttar Pradesh, Karnataka, Maharashtra and Andhra Pradesh. In 2014-15, Government has launched two schemes for thematic development of tourism, these are Swadesh Darshan and National Mission on Pilgrimage Rejuvenation and Spiritual Augmentation Drive (PRASAD). To promote medical tourism, the Government has launched India s Healthcare Portal and Advantage Health Care India. Shipping & Port Services Around 95% of India s trade by volume and 68% in term .....

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nes in 2014-15. In India s Maritime Agenda, the target for the year 2020 is 3130 million tonnes of port capacity with an investment of approximately ₹ 2,96,000/- crores. IT-BPM Services The IT-BPM sector has demonstrated flexibility and as per the Economic Survey is expected to touch an estimated share of 9.5% of GDP and more than 45% in total services export in 2015-16. E-commerce is expected to grow at 21.4% in 2015-16 to reach 17 billion US$. India home to a new breed of young start ups .....

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ew at 3.8% and 25.5 respectively in 2013-14 and 2014-15. According to the Survey, India s R&D globalization and services market is set to almost double by 2020 to 38 billion US$. Consultancy Services According to the Survey Consultancy Services is emerging as one of the fastest growing service segments in India. Government has taken several initiatives like the Marketing Development Assistance and Market Access Initiative Scheme among others for capacity development of domestic consultants. .....

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