Contribution of Service Sector in Madhya Pradesh
IT/ITES
The State Government has allotted 212.63 acres of land at Badwai to set up a IT Special Economic Zone on a PPP basis. The government is also in the process of developing IT Parks at Jabalpur and Gwalior and has allotted 36.43 hactere and 12 hactere of land respectively. State government’s proposal for setting up 21 IT SEZs have been accepted by the central government, giving a boost to IT sector in the state. MOUs worth Rs. 77 billion have been signed with 20 companies for Investment in IT sector in the State IT Parks at Bhopal, Gwalior, Indore, Jabalpur and Crystal IT Park. Softwares worth Rs. 2.22 billion have been exported during 2009-1043. Government is also planning to establish Centre for Excellence in Government Engineering Colleges in the state. The following are the Industry-academia PARTNERSHIP in the IT sector – Engineering College Jabalpur – IBM, Engineering College Ujjain – ORACLE, Engineering College Rewa – Microsoft, Engineering College Sagar – CISCO and Sardar Valabh Polytechnic – ADOBE.
Financial Services
Banking and financial services is another key sector in the tertiary category in the state. There are totally 428145 branches in the state with 1901 rural branches, 1158 semi urban branches and 1222 urban branches. State Bank of India has the largest Network in the state with 995 branches. From a microfinance perspective, total number of SHGs linked by the banks in the state as on 31 March 2007 was of the order of 70,000 while SGSY groups linked by banks was around 42,00046. Apart from this, many small loans under the priority and non-priority sector have been extended by the banks. However, comparing the performance of state (57% linkage banking) against national Average of 80% linkage, between 2005 and 2007, indicates that Madhya Pradesh, despite being a recipient of several donor driven projects having a significant microfinance component, progress on linkage front has been lower.
Tourism and Hospitality
The state is one of the top states in the number of domestic tourist arrivals in India. Tourism has consistently contributed to more than 16% of the NSDP for the past 5 years. The state has 31% of its area with forest cover. It has 9 National parks and 25 Wildlife Sanctuaries. Tourism spots like Khajuraho, Bhimbaitka and Sanchi have been recognized as world heritage centers. Pilgrim Tourism has been the main driver for tourists in the State. Kanha, Bandhavgarh, Pench, Panna and Shivpuri are famous Tiger Reserves. There are 382 tourist sites, of which 18 major centers which attract a large number of domestic and foreign tourists have been short listed for comprehensive development. Madhya Pradesh with an annual tourism influx of around 0.11 million generates benefits equivalent to Rs. 637 crores annually.
Trade and Retail
The prospectsfor organized retail sector in the state has increased with an increasing per capita income. The state has been witnessing Growth of several organized mall spaces such as The Great India Place by Collage Group in Bhopal with a area of 7 lakh square feet; Ashima Mall, Bhopal spread over 6 lakh square feet; DB City Mall at Bhopal; Future Group’s Central at Indore; Treasure Island spread over 8.60 lac sq ft by Entertainment World Developers Limited, etc. Corporate players have been gradually penetrating rural retail market through initiatives such as DCM Shriram Consolidated Limited (DSCL)’s Agri-Business, ITC’s Choupal Sagar, HUL’s Shakti, Mahindra & Mahindra’s Shubhlabh and Tata’s Kisan Sansar. Despite growth in organized retail, unorganized format is still dominant in the state.
Transport and Logistics
Strategically located at the heart of the nation, Madhya Pradesh is well connected to major cities of Delhi, Mumbai, Nagpur, Ahmedabad etc. There are 19 National Highways with total length of 506452 km passing through the state, besides 18373 km of state highway. Madhya Pradesh, having a great agrarian base, offers significant opportunity for Warehousing and transportation. MPWLC runs warehouses for the storage of agriculture products and minors forest produce offered by individuals, co-operative societies and other institutions. The strategic location of the state makes it an obvious choice to become a prominent warehousing hub.
Healthcare
Healthcare system in Madhya Pradesh is still in its nascent state of evolution, particularly in the rural areas. The state has 13.6 PHCs and SHCs per lakh Population, which is marginally less than the national average of 14.254. While Tertiary Sector contributes significantly to the economy of districts of Madhya Pradesh with Retail, Hospitality, Transportation& Logistics, Banking& Financial services accounting for the bulk of EMPLOYMENT in this segment, industry is highly fragmented with limited growth of organized players. Penetration of organized players in services segment is mostly limited to urban pockets of Bhopal, Indore, Jabalpur, Gwalior, and Ujjain.,
The service sector is the largest and fastest growing sector of the economy in Madhya Pradesh. It contributes over 50% of the state’s GDP and employs over 60% of the workforce. The service sector is made up of a wide range of industries, including tourism, transport, Communication, financial services, real estate, business services, healthcare, Education, Public Administration, and other services.
Tourism is a major contributor to the service sector in Madhya Pradesh. The state is home to a number of popular tourist destinations, including the Taj Mahal, the Khajuraho temples, and the Bandhavgarh National Park. In 2019, the state received over 30 million tourists, generating over â¹10,000 crore in revenue.
Transport is another important service sector in Madhya Pradesh. The state has a well-developed road network, with over 1.5 lakh kilometers of roads. The state also has a number of Airports, including the Raja Bhoj International Airport in Bhopal and the Devi Ahilyabai Holkar Airport in Indore.
Communication is another key service sector in Madhya Pradesh. The state has a well-developed telecommunications network, with over 100 million mobile phone subscribers and over 10 million Internet users. The state also has a number of television and radio stations.
Financial services are a major contributor to the service sector in Madhya Pradesh. The state has a number of banks, insurance companies, and other financial institutions. In 2019, the total assets of the financial sector in the state were over â¹10 lakh crore.
Real estate is another important service sector in Madhya Pradesh. The state has a number of real estate developers, who are building a variety of residential, commercial, and industrial projects. In 2019, the total value of real estate transactions in the state was over â¹50,000 crore.
Business services are a major contributor to the service sector in Madhya Pradesh. The state has a number of business process Outsourcing (BPO) companies, which provide a range of services to clients around the world. In 2019, the total revenue of the BPO sector in the state was over â¹10,000 crore.
Healthcare is another important service sector in Madhya Pradesh. The state has a number of hospitals, clinics, and other healthcare facilities. In 2019, the total expenditure on healthcare in the state was over â¹20,000 crore.
Education is another key service sector in Madhya Pradesh. The state has a number of schools, colleges, and universities. In 2019, the total enrollment in educational institutions in the state was over 10 million.
Public administration is another major contributor to the service sector in Madhya Pradesh. The state government employs over 1 million people. In 2019, the total expenditure on public administration in the state was over â¹50,000 crore.
Other services include a wide range of industries, such as advertising, Marketing, research, and consulting. These industries are also important contributors to the service sector in Madhya Pradesh.
The service sector is a major driver of economic growth in Madhya Pradesh. The sector is growing at a faster rate than the other sectors of the economy. The service sector is also creating a large number of jobs. The sector is expected to continue to grow in the future, and it is expected to play an even more important role in the state’s economy.
What is the service sector?
The service sector is the part of the economy that provides services to consumers and businesses. It includes a wide range of industries, such as healthcare, education, finance, and tourism.
What is the contribution of the service sector to the economy of Madhya Pradesh?
The service sector is the largest and fastest-growing sector of the economy of Madhya Pradesh. In 2020, it contributed 55% of the state’s GDP. The service sector is also a major employer in Madhya Pradesh, accounting for over 50% of the state’s workforce.
What are the main drivers of growth in the service sector of Madhya Pradesh?
The main drivers of growth in the service sector of Madhya Pradesh are the growth of the state’s population, the increasing Urbanization of the state, and the growth of the state’s tourism industry.
What are the challenges facing the service sector of Madhya Pradesh?
The main challenges facing the service sector of Madhya Pradesh are the lack of skilled workers, the poor Infrastructure-2/”>INFRASTRUCTURE, and the low level of investment.
What are the opportunities for the service sector of Madhya Pradesh?
The main opportunities for the service sector of Madhya Pradesh are the growth of the state’s economy, the increasing demand for services, and the growth of the state’s IT industry.
What are the government’s initiatives to promote the service sector of Madhya Pradesh?
The government of Madhya Pradesh has taken a number of initiatives to promote the service sector, including the establishment of a number of special economic zones, the provision of tax incentives, and the development of infrastructure.
What are the future prospects for the service sector of Madhya Pradesh?
The future prospects for the service sector of Madhya Pradesh are positive. The sector is expected to continue to grow in the coming years, driven by the growth of the state’s economy, the increasing demand for services, and the growth of the state’s IT industry.
Question 1
Which of the following is not a service sector?
(A) Banking
(B) Education
(C) Manufacturing
(D) Tourism
Answer
(C) Manufacturing
Question 2
Which of the following is the largest service sector in India?
(A) Trade, hotels, and restaurants
(B) Financial, insurance, real estate, and professional services
(C) Transport, storage, and communication
(D) Community, social, and personal services
Answer
(A) Trade, hotels, and restaurants
Question 3
Which of the following is the fastest growing service sector in India?
(A) Trade, hotels, and restaurants
(B) Financial, insurance, real estate, and professional services
(C) Transport, storage, and communication
(D) Community, social, and personal services
Answer
(B) Financial, insurance, real estate, and professional services
Question 4
Which of the following is the largest service sector in Madhya Pradesh?
(A) Trade, hotels, and restaurants
(B) Financial, insurance, real estate, and professional services
(C) Transport, storage, and communication
(D) Community, social, and personal services
Answer
(A) Trade, hotels, and restaurants
Question 5
Which of the following is the fastest growing service sector in Madhya Pradesh?
(A) Trade, hotels, and restaurants
(B) Financial, insurance, real estate, and professional services
(C) Transport, storage, and communication
(D) Community, social, and personal services
Answer
(B) Financial, insurance, real estate, and professional services