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Service sector is the lifeline for the social economic growth of a country. It is today the largest and fastest growing sector globally contributing more to the global output and employing more people than any other sector.The real reason for the growth of the service sector is due to the increase in urbanization, privatization and more demand for intermediate and final consumer services. Availability of quality services is vital for the well being of the economy.In advanced economies the growth in the primary and secondary sectors are directly dependent on the growth of services like banking, insurance, trade, commerce, entertainment etc.
Indian Service Sector
In alignment with the global trends, Indian service sector has witnessed a major boom and is one of the major contributors to both employment and national income in recent times. The activities under the purview of the service sector are quite diverse. Trading, transportation and communication, financial, real estate and business services, community, social and personal services come within the gambit of the service industry.One of the key service industries in India would be health and education. They are vital for the country’s economic stability. A robust healthcare system helps to create a strong and diligent human capital, who in turn can contribute productively to the nation’s growth.
The Insurance Regulatory and Development Authority Act 1999 (IRDA Act) allowed the participation of private insurance companies in the insurance sector. The primary role of IRDA was to safeguard the interest of insurance policy holders, to regulate, promote and ensure orderly growth of the insurance industry. The insurance sector could invest in the capital markets and other than traditional insurance products, various market link insurance products were available to the end customer to choose from.
Real estate sector
Real estate is "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; (also) an item of real property; (more generally) buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings, or housing.”
prominent Food Companies
Nestlé: is the world's largest food and beverage company.
PepsiCo: is the largest U.S.-based food and beverage company.
Unilever: is an Anglo-Dutch company that owns many of the world's consumer product brands in foods and beverages.
Kraft: is apparently the world's second largest food company, following its acquisition of Cadbury in 2010.
DuPont and Monsanto Company: are the leading producers of pesticide, seeds, and other farming products.
Both Archer Daniels Midland and Cargill: process grain into animal feed and a diverse group of products. ADM also provides agricultural storage and transportation services, while Cargill operates a finance wing.
Entertainment is an action, event or activity that aims to entertain, amuse and interest a public ("public" can consist of one person). This audience can have a passive role, as in the case of a play, a show on a TV or a movie, or active, as in the case of a video game. The holidays, games, reading and viewing works of art are not generally considered entertainment, but rather as a pastime. for the entertainment generally requires that the supplier of the show is visible to the viewer, with the exception of video games. The entertainment can attract an audience and influence their actions and thoughts.