Analyse the significance and growth of the service sector in the modern

economic development of the world.

The significance and growth of the service sector in the modern

economic development of the world is analyzed below:

a) Service sectors are provided to those who can afford to pay them. For example barber, teaching, baking services etc.

b) Most of the companies provide a separate facility of customer services where the customer can express all their concerns and grievances.

c) Proffessional training is now being given in the field of engineering, health care and education.

d) State and Union legislation have established corporations to supervise and control the marketing of such services

e) Many new services such as tiffin services started at individual level have been very successful.

f) Many markets have set up centres for recreational activities.

Thus, the service sector has grew rapidly in the modern era. Most of the economies in the developed countries are based on the income earned through this sector.