Licchavi Lyceum


Licchavi Lyceum

What is Service sector? What is the contribution of service sector in Gross state value addition of Madhya Pradesh?

The service sector is a broad term that encompasses all economic activities that do not produce goods. This includes activities such as transportation, communication, finance, healthcare, education, and hospitality. The service sector is the largest sector of the Indian economy, accounting for over 50% of GDP.

The service sector also plays an important role in the economy of Madhya Pradesh. In 2020-21, the service sector contributed 33.55% to the Gross State Value Added (GSVA) of Madhya Pradesh. The major contributors to the service sector in Madhya Pradesh include trade, hotels and restaurants, followed by real estate, ownership of dwellings and business services.

The service sector is important for the economy of Madhya Pradesh for a number of reasons. First, it is a major source of employment. Second, it helps to boost the growth of other sectors of the economy. Third, it plays an important role in improving the quality of life of people.

The Madhya Pradesh government is committed to promoting the growth of the service sector. The government has taken a number of steps to improve the infrastructure and investment climate in the state. The government has also launched a number of schemes to promote the growth of specific sub-sectors of the service sector, such as tourism, IT, and healthcare.

The growth of the service sector is expected to play a key role in the future economic development of Madhya Pradesh. The sector is expected to generate more jobs and boost the growth of other sectors of the economy. The growth of the service sector is also expected to improve the quality of life of people in the state.