India has one of the most rapidly expanding service sectors in the world with the least portion of services employment, contributing to around 66% of the Indian GDP. According to data analysis, India has had a 9.2% growth in the service sector in the year 2015-16 but in the year 2014, it had the smallest share of services employment in the world. Following this, the Government made several amendments to develop India’s commercial services exports share in the global services market and this has facilitated multi-fold growth in the GDP. If you look at the manufacturing industry too, about 34% of the manufacturing jobs are service oriented functions. The dollar’s value of final demand for manufacturers comes up to $1.48 in other services and production, thereby boosting the importance of services in the economy and in employment generation.
India’s distinctive competencies and competitive advantage formed by the knowledge-based services makes it a truly unique emerging market. Backed by several government initiatives, the services sector in India has the potential to unlock a multi-trillion dollar opportunity which can create a symbiotic growth for all nations. Here’s a look at how the Indian service industry performed in Q1, 2017.
Amidst the entire economic crisis across the globe, India is demonstrating hope with determined growth targets, supported by a slew of important projects like “Make in India”, “Digital India”, etc. The biggest tax reform since Independence, the Goods and Service Tax (GST), is all set to transform the Indian tax system.
The Goods and Services Tax (GST) is expected to act as the much-needed catalyst for economic growth in India and is expected to alter the indirect taxes levied on goods and services within the economy and also eliminate the cascading effect of the tax system. GST has created high anticipation not only in India but also among all the neighboring and developed economies of the world. India will be playing a vital role in the global economy in the coming years because of GST implementation. Among all the rumours about the negative impact of this bill on the SME sector, would the pros outweigh all the cons?
Setting up a business and running it successfully is not a simple task. If you’ve made it this far, you’ve won half the battle but you’re stuck in a rut and you’re wondering what’s next. How do you take your business to the next level? Taking it there requires a lot of work and getting through some challenging times while still keeping your business running and profitable. The first step you need to take is to ascertain if your product or service has enough scope for you to consider expansion. Can the demand for your company’s product sustain its growth? If you just answered yes and if you’re prepared to put in the work and dedication your small business requires to up its game, here are some simple steps you can follow to take your business to the next level.
Writing a business plan can be a daunting task for most but it’s as vital as it is intimidating. But how exactly do you go about it? Where do you begin? What do you include? We’re here to help you with just that. Here’s how to get started with your business plan and what each section of your plan should focus on.