Service sector's share in GDP rose to 59 pc in 2011-12

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SME Times News Bureau | 25 Apr, 2012
The share of services sector in country’s Gross Domestic Product has risen to 59 percent in 2011-12, the government said Tuesday.

According to advance estimates, the service sector's share in country’s GDP has risen from 50.4 percent in 2000-01 to 59.0 percent in 2011-12, stated Minister of State for Finance Namo Narain Meena in written reply to a question in Rajya Sabha.

Industrial growth has been antidote to poverty as the sector has general additional employment of 36.1 million as per Usual Principal and Subsidiary Status (UPSS) basis during 1999-00 and 2009-10, he informed.

During 2009-10 and 2010-11, automobiles, rubber and plastics, fabricated metal products, machinery and equipment and radio, TV and communication equipment segments had witnessed double digit growth.

Other industrial segments, including chemicals and chemical products, registered lower growth rates.

Meena stated that While pursuing a prudent macroeconomic policy for achieving higher economic growth, specific measures have been taken to boost growth, including enhancing investment in the infrastructure sector through creation of Infrastructure Debt Fund, focusing on public private partnerships, announcement of new manufacturing Policy and a number of legislative measures to develop banking sector in India.

High growth in private investment and addressing supply bottlenecks in agriculture, energy and transport sectors, particularly in coal, power, national highways, railways and civil aviation are also contemplated, he added.

Commenting on the recent reduction in policy rates by 50 basis points by the Reserve Bank of India, the minister stated that the move would further contribute to improved growth prospects.