India's Service Sector – Shaping Future of Indian Retail Industry

Abstract

The Purpose of my Research Paper is to focus on potentiality and strength of India's Service Sector in shaping Business through Retail Sector. The distinct characteristics of services are intangibility, perishability, inseparability, variability, ownership, simultaneity; quality measurement etc. This study is to discover the remarkable changes in Service Sector and its overall impact in structuring Business through Retail Sector. As Service plays vital and crucial role in the pace growth of Indian Economy, this research paper also depict the role of services in Modern Economy, reasons for the growth of Services in India with addition of analyzing the transformation in this Sector. With its emerging nature it has become the fastest-growing sectors on the global landscape and hence it has made substantial contribution towards global output as well as employment generation. According to Adrian Payne four factors i.e. economic, political, social and demographic changes are responsible for stimulating growth in service sector. They are: demographic, social, economic and political changes. With around 1.2 billion population India's Services share to Total GDP for the year 2012-2013 is 59.29% and Retail sector contributes by 14% to 15% of its GDP for Indian Economy. My research paper will put emphasize on how Retail Industry get empowered by this “Tertiary Sector” and implication on FDI (Foreign Direct Investment) .The research also calls attention to the related case study in order to develop business in retail industry. The purpose of this paper is to examine the characteristics of the retail service sector in India and underlines its future prospects.