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decline, more eyes have been turning to the East and to India. With economic growth rates approaching 10 percent per annum, a massive population of almost 1.2 billion, a high middle class, high technological potentialities, and a strong military establishment, India has a recipe for a great power.

India’s major achievements are:

An educational system that produces a large number of high value human resources.

A modern financial sector extend across the country

Making India one of the largest food grain producers in the world

Abroad-based and diversified industrial sector

A well developed market infrastructure

Advances in agriculture

While the state played an active role in guiding industrial activity, private enterprise and market mechanisms developed well in manufacturing, agriculture, trading and in the services sector. The economy was, however, largely secured from foreign competition, both in production and trade.

INDIAN ECONOMY AND INDUSTRY AND SERVICES

Industrial activities accounts for 20% of the economy. India is characterized by small and medium industrialized units with few major players. 14% of the total workforce is occupied in manufacturing activities. Liberalization has brought in many private players and worldwide organizations into manufacturing incursion. Also India is one of the most important service providers and services sector contributed 62.5% to the GDP and employ 34% of the work force, with large base of English speaking knowledgeable people, India has become an ideal destination for business services.

This sector plays an important role in the financial system of India.

The service sectors of Indian economy that have grown faster are as follows:

Information Technology (the most leading service sectors in Indian economy)

IT-enabled services

Telecommunications

Financial Services

Community Services

The service sector of Indian economy has been the most go-getting sector in India's economy. It has also been focusing in various investments of late. Sectors like banking are on its way to appear large and take up a more important position in India's economy. The service sector of India has also witnessed an extraordinary rise in the global market apart from the Indian market. The increase in the IT sector is credited to increased specialization and availability of a large pool of low expenditure highly skillful, knowledgeable and fluent English-speaking workers on the supply side and on the demand side, has increased demand from foreign clients interested in India's service exports or those looking to outsource their operations. A statistics about the growth of India's service sectors are listed below:

The software services in Indian economy increased by 33 percent which registered a revenue of USD 31.4 billion

Business services grew by 82.4 percent

Engineering services and products exports grew by 23 percent and earned a revenue of USD 4.9 billion

Services concerning personal, cultural, and recreational had a growth of 96 percent

Financial services had a rise of 88.5 percent

Travel, transport, and insurance grew by 23 percent

Major industries con