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NEW DELHI: Indian mobile services market is expected to reach $37 billion in 2017, growing at 10.3 per cent year-on-year to cross US$ 103.9 billion by 2020, according to an ASSOCHAM-Resurgent India joint study.
As on March 2017, the service sector grew 7.74 per cent year-on-year to Rs 21.43 trillion (US$ 332.74 billion). The Indian digital classifieds industry is expected to grow three-fold to reach US$ 1.2 billion by 2020, driven by growth in horizontal classifieds like online services, real estate and automobiles. Out of overall services sector, the sub-sector comprising financial services, real estate and professional services contributed US$ 305.8 billion or 20.5 per cent to the GDP, reveals the joint study on 'Service Sector in India' released today at New Delhi.
Service sector employs nearly 40% of the population in the economy. It has the capacity to absorb the need of the growing population. The emploiyment in the service sector has increased from 23.7% in 1999 to 29% in 2016-17. State-wise, there are wide differences in the share in employment of different sectors in rural India. It is found that some work-eastern states like Sikkim, Tripura and Manipur have a high share of employment in the services sector and again some city states like Chandigarh and Delhi also have very high shares of employment in services like 826...