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Who actually creates jobs: manufacturing or services sector?
The share of these tradeable services (TS) in India's GDP increased from about 1% in 1990 to 10% in 2018. Over the same period, the share of commerce and hospitality services in India's GDP increased from 7% to 12%, and that of construction services from 7% to 8%. Which is why India's services-led growth story is much cited
Source | economictimes.indiatimes.com | ET CONTRIBUTORS
The contribution of the services sector to structural transformation is often overlooked by policymakers who are most concerned with the movement of labour from agriculture to manufacturing. In 2018, the services sector accounted for 53% of India’s GDP, rising from 37% in 1990. This reflects a larger trend of ‘premature deindustrialisation’ across developing economies where
