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Employability of Workforce on Economic Sector and Its Significance on Gdp with Reference to Services Sector

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Employability of Workforce on Economic Sector and Its Significance on Gdp with Reference to Services Sector JOURNAL OF CRITICAL REVIEWS ISSN- 2394-5125 VOL 7, ISSUE 11, 2020 EMPLOYABILITY OF WORKFORCE ON ECONOMIC SECTOR AND ITS SIGNIFICANCE ON GDP WITH REFERENCE TO SERVICES SECTOR Dr.V. DHEENADHAYALAN1 ABSTRACT: In most of the countries in the world the services sector contribute significant proportion to GDP including lower income countries, it repeatedly generates more than 50 % of GDP and provides ample employment opportunity with less investment. In this paper authors is try to examine the employability of workforce on various economic sector and its significance on GDP with reference to services sector with help of World Bank data for the eleven years from 2009 to 2019 and concluded that during the study period services sector have substantial effect on GDP. KEY WORDS: EMPLOYABILITY, GDP, ECONOMIC SECTOR, TERTIARY SECTOR and SERVICES SECTOR. I. INTRODUCTION Fisher (1935) and Colin Clark (1940) have divided the economy into the primary sector, secondary sector and tertiary sector. The primary sector which covers tangible goods in agriculture, fishing, forestry, and hunting. The secondary sector includes mining, manufacturing activities such as electricity, exploration and distribution of gas and water supply involving activities with a tangible and product. The tertiary sector consists of trade and public services. But this is not a clear cut division on economic activities as economist change the activity in the list and also there is an overlapping of economic activities. In a while on the economic actions have been shifted from one sector to other sectors. At present the primary sector includes agriculture, animal and husbandry, forestry, and fisheries etc., the secondary sector activities incorporate manufacturing, water supply, mining, electricity, gas, construction etc., The service sector activities include commerce, trade, communications, transport, banking and finance, health and education, tourism, hotel and restaurant, film industry, mass media, insurance, legal service, astrology industry, share market, advertisement industry, sports, publishing industry etc., The service sector is an important sector of any country. It makes a direct contribution to GDP and job creation, and provides inputs for the rest of the economy, thus having a significant effect on the overall investment climate, which is an essential determinant of growth and development of economy. II. OBJECTIVES OF THE PAPER The main aim of the study is to examine the employability of workforce on various economic sector and its significance on GDP with reference to services sector. The following are the specific objectives of the study 1. To study the Contribution of Services Sector on GDP at Global Level 2. To study the Indian Services Sector Performance in GVA 3. To study the share of employment of various economic sector in India 4. To study the significance of employment of various economic sector on GDP 5. Hypotheses Keeping in view of the objectives the following hypotheses have been framed. H01: Relation doesn’t exist between GDP and employability in Agricultural Sector H02: Relation doesn’t exist between GDP and employability in Industrial Sector H03: Relation doesn’t exist between GDP and employability in Service Sector 2303 JOURNAL OF CRITICAL REVIEWS ISSN- 2394-5125 VOL 7, ISSUE 11, 2020 III. METHODOLOGY Research Design Research Design chosen for the present study is Descriptive Research Design. It is based on some previous understanding of the topic. It is used by the researcher when research has got a very specific objective and clear cut data requirements. Data Sources for the Present Study The present study deeply used secondary sources and comprises of published reports like World Bank dataset, CSO reports, various journals, magazines and information from the related websites. Tools and Techniques For the analysis of data statistical tools and techniques like Mean, Standard deviation, Coefficient of Variation, Compound Annual Growth Rate, Pearson’s coefficient of correlation and Chart are used in this study, Period of the Study The entire study period covers of consecutive eleven years starting from 2009 to 2019. IV. RESULTS AND DISCUSSIONS Contribution of Services Sector on GDP at Global Level On the total global wealth 63 percent was contributed by the services sector and it is significantly largest sector in the contribution of global wealth continuously. United States of America is the largest producer of services sector with around US$ 15.53 trillion. Services sector is one of the leading and contributing sector in 201 countries. 30 countries receive more than 80 percent of their GDP from services sector. Chad has lowest contribution of 27% in services sector in its economy and Gibraltar has 100% of GDP in services sector. Table 1: List of Countries by GDP Service Sector wise Composition GDP in US $ Million Service Sector GDP Rank % of GDP 1 United States 193,60,000 155,26,720 1 80.2 2 China 119,40,000 62,32,680 2 52.2 3 Japan 48,84,000 33,84,612 3 69.3 4 Germany 36,52,000 25,30,836 4 69.3 5 France 25,75,000 20,05,925 6 77.9 6 United Kingdom 25,65,000 20,62,260 5 80.4 7 India 24,39,000 14,99,985 8 61.5 8 Brazil 20,81,000 15,14,968 7 72.8 9 Italy 19,21,000 14,19,619 9 73.9 10 Canada 16,40,000 11,51,280 10 70.2 Source: http://statisticstimes.com/economy/countries-by-gdp-sector-composition.php Above table reveals about the cross country comparison of Gross Domestic Product (GDP) and the contribution of service sector wise GDP. It was found from the table that, the service sector contributes more than 80.2 on total GDP of the United States of America followed by China, Japan, Germany and France so on. India’s contribution of services sector on GDP found to be 61.5 percentage and ranked 8th place among 201 countries during the year 2017. 2304 JOURNAL OF CRITICAL REVIEWS ISSN- 2394-5125 VOL 7, ISSUE 11, 2020 Service Sector wise Composition of GDP 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 United China Japan Germany France United India Brazil Italy Canada States Kingdom GDP in US $ Million Service Sector GDP Indian Services Sector Performance in GVA The services sector in India is not only the dominant sector in India’s GDP, but has also attracted major portion of foreign direct investment flows (FDI), it contributed significantly to exports as well as provide large-scale employment opportunity. Services sector in India covers a wide variety of activities such as trade, storage, transport, , financing, business services, hotel and restaurants, insurance, real estate, community, social, communication personal services, and construction. The services sector contributed 54.3 percentage to India’s Gross Value Added in 2018-19. In 14 states, services contribute to more than half of the gross state value added. India ranked ninth in the world in terms of size of the services sector in 2017. The following table, reveals about the performance of services sector in GVA, services sector growth year on year (YoY) continuously decreasing from the year 2017-18, reaching 6.9 per cent in the year 2019-20, except sub sector like public administration, defence and other sub service sectors growth (YoY) continuously decelerated. Financial sector contribute more share of 21.3 per cent on total share of service sector in the year 2019-20. Table 2: Services Sector Performance in GVA Share in GVA Growth (per cent YoY) (per cent) 2019- 2019-20 2017- 2018- 2019-20 20 18 19 (1st AE) (1st Q1 Q2 (RE) (PE) AE) 6.9 6.8 Total Services 55.3 % 8.1 % 7.5 % 6.9 % % % Trade, hotels, communication & , transport, 18.3 7.8 6.9 5.9 7.1 4.8 services related to broadcasting Financial, professional services and 21.3 6.2 7.4 6.4 5.9 5.8 real estate 2305 JOURNAL OF CRITICAL REVIEWS ISSN- 2394-5125 VOL 7, ISSUE 11, 2020 Public administration, defence and 15.6 11.9 8.6 9.1 8.5 11.6 other services Source: Ministry of Statistics and Programme Implementation (MoSPI). Table 1 reveals about the performance of services sector in GVA, services sector growth year on year (YoY) continuously decreasing from the year 2017-18, reaching 6.9 per cent in the year 2019-20, except sub sector like public administration, defence and other sub service sectors growth (YoY) continuously decelerated. Financial sector contribute more share of 21.3 per cent on total share of service sector in the year 2019-20. It is important to point out that within the services sector GVA growth rate during the year 2019-20 (AE) is highest in public administration and defence (9.1 percentage) followed by finance, professional services and real estate (6.4 percentage) and finance, business services and insurance (5.9 percentage). Share of employment of various economic sector in India The following table depict the percentage of workforce across various economic sector in India during the year 2009 to 2019. Table 3: Workforce Across Various Economic Sector In Percentage Agricultur GDP Year e Industry Services 2009 52.1 21.6 26.3 3.1 2010 51.1 22.4 26.6 7.8 2011 49.0 23.5 27.5 8.5 2012 47.0 24.4 28.6 5.2 2013 46.6 24.4 29.0 5.5 2014 46.1 24.4 29.6 6.4 2015 45.6 24.3 30.1 7.4 2016 45.1 24.3 30.6 8.0 2017 44.5 24.3 31.0 8.2 2018 43.9 24.7 31.5 7.2 2019 43.2 24.9 31.9 6.8 Mean 46.73 23.92 29.33 6.73 STD 2.88 1.02 1.92 1.60 CV 6.16 4.27 6.56 23.85 CAG R -1.42 1.06 1.52 9.24 Source : India; World Bank 2009 to 2019 The above table depicts that percentage share of employment of workforce across various economic sectors during the year 2009-2019.
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