Need for the Study on Service Business
Educational, medical, hospitality and the like service business existed for centuries. Its prominence in the global trade is of recent origin i.e., after 1970. “The services sector has emerged as the most dynamic sector of the world economy, contributing almost one-third of world gross value added, half of world employment, one-fifth of global trade and more than half of the world foreign direct investment flows. It remains the key driver of India’s economic growth, contributing almost 66.1 per cent of its gross value added growth in 2015-16” - quotes the Indian Budget Estimate for 2015-16.