Globalization in India & Emergence of Service Sector
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Abstract
The trend of globalization touched to India relatively later than other countries of the world. It was appear in India around 1991. The process of globalization further delayed in our country due to democratic system of government. However this shield of close economy has broken by our Ex- Prime Minster, Mr. Narshima Rao. The Ex-Finance Minister Mr. Man Mohan Singh has taken a great measure. He introduced LPG (Liberalization, Privatization & Globalization) in our economy. In this way Indian economy has opened its boundaries for foreign trade & investment. India has three major sectors in its economy- Agriculture & allied, Industry and Services. Out of the above mention three sectors, service has its largest share in our GDP growth rate. Services sector includes trade, tourism, hotels & restaurants, Transport, storage, communication & services related to broadcasting, Financial, real estate & professional services.
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