Consider the following statements regarding the Services Sector in India: 1. It accounted for more than half of the total Gross Value Added (GVA) in FY24 (April–September). 2. India’s share in global services exports has remained below 2% since 2005. 3. The sector plays a key role in cushioning India’s external account against global shocks. Which of the statements given above is/are correct? |ForumIAS

[A] 1 and 2 only

[B] 1 and 3 only

[C] 2 and 3 only

[D] 1, 2 and 3

Answer: B

Notes:

Explanation:

Services accounted for 57% of GVA in FY24 (April–September), as per advance estimates.
India’s share in global services outflows rose from under 2% in 2005 to 4.6% in 2023.
The service trade boom has helped cushion India’s external account, especially during oil price shocks.

Source- 11th NCERT: Economics: Indian Economic Development and TMH Indian Economy by Ramesh Singh