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

Correct option is B

The Correct Answer is (B) 7%

Explanation:

In the fiscal year 2019–20, India's service sector experienced a growth rate of 7%, as reported by the Economic Survey 2019–20. This sector, encompassing industries such as IT, telecommunications, finance, real estate, healthcare, and tourism, demonstrated resilience amidst global economic uncertainties. The robust performance of these industries contributed significantly to the overall growth of the service sector during this period. 

Information Booster:

• The service sector accounted for approximately 55.3% of India's Gross Value Added (GVA) in 2019–20. 

• Sub-sectors like public administration, defence, and other services witnessed a growth of 9.1%, indicating strong government expenditure and service delivery.

• The financial, real estate, and professional services sub-sector grew by 6.4%, reflecting steady demand in these areas.

• Trade, hotels, transport, communication, and broadcasting services experienced a growth of 5.9%, showing a moderation compared to previous years.

• The service sector's growth was supported by increased digitalization and foreign direct investments (FDIs) in service industries.

• Major cities like Bengaluru, Hyderabad, and Mumbai continued to be recognized globally as hubs for service-based industries.