Growth and prospects for service sector in globalized economy: A study of Indian tourism industry

The services industry is one of the largest and fastest-growing sectors in the global market. Its contribution to the Indian economy is particularly significant, with regard to employment potential and impact on national income. This sector covers a wide range of activities, such as transportation, communication, tourism, trading, finances, real estate and health, among others. India's service sector contributes to about 60 per cent of the country's Gross Domestic Product (GDP), 35 per cent of employment, a quarter of the total trade, and over half of the foreign investment inflows. The service industry provides massive business prospects to investors. Without the sector's capacity to generate revenue, it would be difficult for the Indian economy to acquire the healthy place it currently enjoys on the global platform.