What is the growth rate of Service Sector in India in 2019-20?

Correct option is B

The growth rate of the Service Sector in India during 2019-20 was approximately 7%.

Explanation:

● The Service Sector, also known as the tertiary sector, is the largest contributor to India’s Gross Domestic Product (GDP).
● In 2019-20, the service sector demonstrated a robust growth rate of 7%, driven by industries like IT, telecommunications, finance, real estate, healthcare, and tourism.
● This growth highlighted the sector’s resilience, despite global economic uncertainties during the year.

Information Booster:

● The Service Sector accounted for more than 55% of India’s GDP in 2019-20.
● IT and IT-enabled services (ITeS), a key component of the sector, contributed significantly to India’s export earnings.
● The growth was also supported by digitalization initiatives and increased foreign direct investments (FDIs) in the service industries.
● India’s major cities like Bengaluru, Hyderabad, and Mumbai are recognized globally as hubs for service-based industries.