Q. 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?
Quarterly-SFG-Jan-to-March
Red Book

[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

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