The Icfai University Press on Services Sector: New Growth Engine

The services sector has evolved itself into the main growth engine of world economy. The services sector, consisting of the “soft” parts of the economy such as Logistics, IT and Communications, Government, Tourism, Financial Services and Education, may involve transportation and distribution of tangible goods as in cargo services or providing pure service as in education. The services sector has also turned the largest employer of manpower, displacing the primary sector on a global scale. Developing economies, especially Asian, will be the biggest beneficiaries of the global services boom, if the market is properly liberalized and the potential in domestic services sectors is tapped. Even though offshoring of services presents a lucrative proposition currently, domestic services sector has to be developed for the boom in services to be sustainable. India, on the path of becoming an economic giant, will be a more important player in global economy in future. The growth of the IT/ITES sector has been really very fast in the country. This is in consonance with the increasing presence of the country in global offshore outsourcing and, more broadly, in the services sector. In this context of tremendous growth of the global services sector and emergence of developing countries, especially India, as a services power, this book, "Services Sector: New Growth Engine", will make useful reading capturing the current perspective at the global and Indian levels and the new trends in the Indian services sector. The book presents a series of well-written articles that bring out the essence of the happenings in the services sector.