Services
India is fifteenth in services output. Service industry employ English-speaking workers on the supply side and on the demand side, has increased demand from foreign consumers interested in India's service exports or those looking to outsource their operations. India's IT industry, despite contributing significantly to its balance of payments, accounts for only about 1% of the total GDP or 1/50th of the total services.
During the Internet bubble that led up to 2000, heavy investments in undersea fiber optic cables connected Asia to the rest of the world. The fall that followed the economic boom resulted in the auction of cheap fiber optic cables at one-tenth of their original price. This development resulted in widely available low-cost communications infrastructure. All of these investments and events, not to mention a swell of available talent, resulted in India becoming almost overnight the center for outsourcing of Business process. Within this sector and events, the ITES-BPO sector has become a big employment generator especially amongst young college graduates. The number of professionals employed by IT and ITES sectors is estimated at around 1.3 million as on March 2006. Also, Indian IT-ITES is estimated to have helped create an additional 3 million job opportunities through indirect and induced employment.
Read more about this topic: Economic Development In India
Famous quotes containing the word services:
“Working women today are trying to achieve in the work world what men have achieved all along—but men have always had the help of a woman at home who took care of all the other details of living! Today the working woman is also that woman at home, and without support services in the workplace and a respect for the work women do within and outside the home, the attempt to do both is taking its toll—on women, on men, and on our children.”
—Jeanne Elium (20th century)
“It seems I impregnated Marge
So I do rather feel, by and large,
Some cash should be tendered
For services rendered,
But I can’t quite decide what to charge.”
—Anonymous.
“A good marriage ... is a sweet association in life: full of constancy, trust, and an infinite number of useful and solid services and mutual obligations.”
—Michel de Montaigne (1533–1592)