REGAINING THE MOMENTUM

THE SERVICES SECTOR HAS SEEN STEADY GROWTH SINCE THE ’50s, THOUGH IT WAS BADLY HIT BY THE PANDEMIC

- SHWWETA PUNJ

In the past few decades, the contribution of India’s services sector to its GDP has grown significantly, from between 25 and 30 per cent in 1950-51 to around 55 per cent today. According to projections from the International Labour Organization, the services sector became India’s largest employer in 2019. This also shows the skew of the economy—India missed out on manufacturing-led growth, with services emerging as the main job creator.