Vol. 7, Issue 6 (2020)
Contribution of foreign trade and service sector in the GDP growth of India
Author(s): Faiyaz Julfikar
Abstract: For the meaningful perseverance of economic development in a country, the foreign trade and service sector is one of the most contributing factors. The Foreign Trade of a country brings foreign transactions into inflow and outflow from one country to a different country. The service sector is the line of life for the social-economic growth of a country. It is nowadays the fastest and largest growing sector everywhere, contributing to a greater extent to worldwide and employing a lot of people and producing huge output and leading to fast growth. Services sectors have become growingly important in current years as advances in technology have granted recent methods of services providing across borders. The growth of the service sector in output at current times has generally come from the accelerated development of skill-intensive professional service segments and information technology. This study investigates the contribution of foreign trade and services sector in Indian economic growth after the liberalization of the Indian economy. The current study is based on the contribution of the Foreign Trade and Service sector in the overall growth of the economy. There are various parameters on which I can measure the factors responsible for the development and the growth of the economy, but being an evolving and latest factor, foreign trade and service sector are the most contributing factors in the growth of the Gross Domestic Product and the economy.