Overview of the service sector and its contribution in the Economy There are three sectors that together make the economy of a country, namely primary sector (like farming, fishing, etc.), secondary sector (like manufacturing, etc.) and tertiary sector (services provided) .The tertiary sector provides services which are intangible in nature. Services include activities like retail shops, banking, hospitality, real estate, education, health, social work, etc. The service sector is a very crucial part
and effective banking system in India it cannot have a healthy economy. The banking system of India should not only be hassle free but it should be able to meet new challenges posed by the technology and any other external and internal factors. For the past three decades India's banking system has several outstanding achievements to its credit. The most striking is its extensive reach. It is no longer confined to only metropolitans or cosmopolitans in India. In fact, Indian banking system has reached
The Micro Small and Medium Enterprise have a very important role in the economic and social development of any country. This sector plays a significant role in the growth of the economy with their operational, proficient, flexible and inventive entrepreneurial spirit. The MSME sector makes a significant contribution to the country’s manufacturing output, service and exports and they are accredited with creating the maximum employment growth as well as accounting for major share of industrial production
fields. There has been a quantitative expansion as well as diversification of economic activities. The experiences of the 1980s have led to the conclusion that to obtain all the benefits of greater reliance on voluntary, market-based decision making India needs efficient financial systems. The financial system is possibly
BANKING IN INDIA Without a sound and effective banking system in India it cannot have a healthy economy. The banking system of India should not only be hassle free
institution that deals in money and its substitutes and provides crucial financial services. The principal type of banking in the modern industrial world is commercial banking & central banking. Banking Means "Accepting Deposits for the purpose of lending or Investment of deposits of money from the public, repayable on demand or otherwise and withdraw by cheque, draft or otherwise." -Banking Companies (Regulation) Act,1949 The concise oxford dictionary has defined a bank as "Establishment for custody
Industrial Production in India is reported by the Ministry of Statistics and Programme Implementation (MOSPI). Industrial Production in India increased 5 percent in February of 2015 over the same month in the previous year. It is the highest gain in nine months due to a 5.2 percent increase in manufacturing and a 2.5 percent rebound in the mining sector. Industrial Production in India averaged 6.54 percent from 1994 until 2015, reaching an all-time high
took place such as government control over the financial system, establishment of financial institutions such as IDBI, IFCI, ICICI, NIDC, SIDBI, LIC, UTI and GIC. The post-1990s phase witnessed liberalization and globalization, resulted in economic reforms and responded to a deregulated and globalized economic
AN OVERVIEW OF THE BANKING SECTOR For the last three decades India's economic climate has several outstanding successes to its credit score. The most stunning is its comprehensive reach. It is no longer limited to only metropolitans or cosmopolitans in National Indian. In fact, National Indian economic climate has reached even to the remote corners of the nation. The first financial institution in National Indian, though traditional, was recognized in 1786. From 1786 till today, the journey of National
Rakesh Mohan (2001)29 opined that “the banking system must respond quickly and appropriately to the credit and promotional needs of the farmers, rural artisans, women and other segments of the rural poor. The banking system in India governs the savings of the people and makes them available for development of rural sector. The banking system in Germany and Japan has close links with industrial and agricultural sectors, which is an important element in the rapid development of these countries. Rakesh