Contributions Of Service Sectors in India For B2B Business Promotion

The service sector of India has found an international recognition in the past two decades. There has been an exponential growth at the domestic as well as the international front. Apart from different types of business products transacted through the Indian b2b directories, various types of services too have contributes towards the social economic growth of the country.

Service sector accounts for more than 60 percent of the total world GDP. The share of the service sector of India in the total GDP of India has increased by 21 percent between 1950 and 2000. The following discussion highlights the important aspects of services India offers through b2b marketplace.

The decade of 1990s can be called the golden period for the service sector of India. Due to the economic liberalization attitude adopted by the country in 1991, the services offered by the country started finding new foreign markets. Nearly 40 percent of the increase of service sector share in the country’s GDP was obtained in the decade.

The IT service sector of India has significantly contributed in improving the picture. It is estimated that the Indian IT service market is set to grow up to US $ 10.73 billion by 2011. This would happen at the compounded annual growth rate of 23.2 percent from 2006 to 2011. Hardware maintenance and support, software support, IT consulting, software development and integration and IT management are the segments that have major contributions in the growth rate.

The BPO and ITES industry is another important segment of the service sector of India. Voice and non-voice support, data entry, data conversion, HR services, revenue accounting, medical transcription, content development and remote education are the important segments of these industries.

Besides, the healthcare services, banking and insurance services and retailing services are important segments of the service sector of India. The B2B directories have helped the worldwide buyers of these services to find an easy access to them. Media advertising services, architectural services, transportation and tourism services and many other segments of the Indian service sector have found a platform in the form of b2b space to extend their reach globally.