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his sector has been growing at an annual growth rate of about 28% during the last 5 years. Services exports amounted to a meager US$ 8.9 billion in 1997 but over the years services exports have grown substantially. The exports have grown up from US $ 19.1 billion in 2002 to US $ 73 billion in 2006. According to the IMF’s Balance of Payments Statistics Yearbook, India ranked 18th among the world’s leading exporters of services, with a share of 1.3 per cent in world exports, having moved up from the 27th position in 1990 when its share was 0.6 per cent. India’s share in worldwide service exports is expected to almost triple itself from current 2.3 % to 6 % by 2012, if the present annual growth rate of 28% has been maintained. Credit Card Complaints
Strong and consistent emphasis on self-reliance in its economic development programmes over the years by the Government of India have enabled India to build up a huge and versatile cadre of professionals with expertise and skills across a vast and wide-ranging spectrum of disciplines like Health Care, Tourism, Education, Engineering, Communications, Transportation, Information Technology, Banking, Finance, Management and a host of others. Credit Card Complaints
There was marked acceleration in services sector growth in the eighties and nineties, especially in the nineties. While the share of services in India’s GDP increased by 21 per cent points in the 50 years between 1950 and 2000, nearly 40 per cent of that increase was concentrated in the nineties. While almost all service sectors participated in this boom, growth was fastest in communications, banking, hotels and restaurants, community services, trade and business services. One of the reasons for the sudden growth in the services sector in India in the nineties was the liberalization in the regulatory framework that gave rise to innovation and higher exports from the services sector. Credit Card Complaints
