Role and significance of Service sector in Viksit Bharat

The crucial role the service sector plays in achieving the vision of a "developed India" (Viksit Bharat) by 2047, emphasizing its potential to drive economic growth, employment generation, and inclusive development through sectors like IT, healthcare, education, and finance, while also addressing challenges related to quality, skill development, and infrastructure needed to fully realize this potential. The service sector's contribution to India's economy in 2024-25 was 55.3% of the Gross Value Added (GVA). This is an increase from 50.6% in 2014. The services sector's growth rate was 8.3% in 2023-2024, compared to 8% in the pre-pandemic years. The service sector is the part of the economy that provides services instead of tangible goods. It is the largest sector of the economy in developed nations. The service sector is expected to contribute around 60% of India's GDP by 2047, playing a crucial role in achieving the "Viksit Bharat" vision by that date; with manufacturing accounting for the remaining significant portion of the economy at around 32%