{"id":130989,"date":"2023-02-14T16:24:07","date_gmt":"2023-02-14T10:54:07","guid":{"rendered":"https:\/\/www.mapsofindia.com\/my-india\/?p=130989"},"modified":"2023-02-14T16:24:07","modified_gmt":"2023-02-14T10:54:07","slug":"justify-the-tremendous-growth-of-the-service-sector-in-developed-and-developing-countries-than-the-manufacturing-sector-explain-giving-suitable-examples","status":"publish","type":"post","link":"https:\/\/www.mapsofindia.com\/my-india\/education\/justify-the-tremendous-growth-of-the-service-sector-in-developed-and-developing-countries-than-the-manufacturing-sector-explain-giving-suitable-examples","title":{"rendered":"Justify the tremendous growth of the Service Sector in developed and developing countries than the manufacturing sector? Explain giving suitable examples…………………."},"content":{"rendered":"

Question 15:Justify the tremendous growth of the Service Sector in developed and developing countries than the manufacturing sector? Explain giving suitable examples.<\/h2>\n

The correct answer is – The growth of the service sector in developed and developing countries can be attributed to several factors:<\/h3>\n
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  1. \n

    Technological advancements: The rise of information and communication technology has led to the development of new services such as e-commerce, online banking, and telemedicine, among others. This has facilitated the growth of the service sector by reducing the barriers of entry and allowing firms to reach a larger customer base.<\/h3>\n<\/li>\n
  2. \n

    Changing consumer preferences: With the increase in disposable incomes, there has been a shift in consumer preferences towards service-oriented activities such as travel, dining out, and entertainment. This has led to the growth of service sectors such as hospitality and tourism.<\/h3>\n<\/li>\n
  3. \n

    Globalization and trade liberalization: The opening up of economies has allowed for the growth of service sectors such as outsourcing, which has created new job opportunities and allowed firms to reduce costs.<\/h3>\n<\/li>\n
  4. \n

    Human capital: The growth of the service sector is also driven by the availability of a skilled and educated workforce. As education levels rise, individuals are more likely to be employed in the service sector where their skills can be utilized more effectively.<\/h3>\n<\/li>\n<\/ol>\n

    For example, in the United States, the service sector accounts for more than 80% of the economy, with sectors such as healthcare, finance, and professional services experiencing significant growth. Similarly, in India, the service sector has emerged as a key contributor to the economy, accounting for around 55% of GDP. The growth of the IT and outsourcing sectors has been particularly significant, contributing to the country’s economic growth and job creation.<\/h3>\n

    In contrast, the manufacturing sector is facing challenges such as increasing competition from low-cost producers, rising production costs, and a decline in demand for certain products. While manufacturing remains an important contributor to many economies, the growth of the service sector is likely to continue given the factors mentioned above.<\/h3>\n","protected":false},"excerpt":{"rendered":"

    Question 15:Justify the tremendous growth of the Service Sector in developed and developing countries than the manufacturing sector? Explain giving suitable examples. The correct answer is – The growth of the service sector in developed and developing countries can be attributed to several factors: Technological advancements: The rise of information and communication technology has led […]<\/p>\n","protected":false},"author":21830,"featured_media":130872,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":{"0":"post-130989","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-education"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/130989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/users\/21830"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/comments?post=130989"}],"version-history":[{"count":2,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/130989\/revisions"}],"predecessor-version":[{"id":130991,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/130989\/revisions\/130991"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media\/130872"}],"wp:attachment":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media?parent=130989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/categories?post=130989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/tags?post=130989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}