Services in India
Providing a service is perhaps the oldest business in the world. However, the Service industry in India has grown rapidly and today it accounts for 60% of India’s GDP from 15% measured as early as in 1950’s.
The contribution of the Services Sector has increased very rapidly in the India GDP for many foreign consumers have shown interest in the country’s service exports. This is due to the fact that India has a large pool of highly skilled, low cost, and educated workers in the country. This has made sure that the services that are available in the country are of the best quality. The foreign companies seeing this have started outsourcing their work to India specially in the area of business services which includes business process outsourcing and information technology services. This has given a major boost to the Services Sector in India, which in its turn has made the sector contribute more to the India GDP.
The Reasons for the growth of the Services Sector contribution to the India GDP.
The service industry in India is progressing rapidly and the millennial workforce is joining in gradually. The service industry gets affected majorly due to various factors like:
– Employee Productivity
– Increased Customer awareness
– Policies and Regulations
– Technological disruptions
– Pandemics and natural disasters
Challenges of Service Industry
The leadership of service industries in India has been very efficient & effective. The current generation too is leading very successful initiatives in some areas. Yet, revolutionary steps need to be taken to meet the dynamic needs of their customers to overcome challenges by:
– Developing people capabilities for managing change
– Adopting technological and best management practices like Lean which aim at creating a system which uses optimum amount of resources, materials, parts, space, and people’s time to generate value for its customer.
Way forward for Service Industry
We partner with our clients in their change management and high-performance team building process to provide consulting and hand-holding for implementation through
| Lean Consulting | Training & Workshops | Assessment & Research |
Service Industries where Lean Transformation has been successfully achieved
| – Hotels & Restaurants – Hospitals & Healthcare – Storage & Warehouse – Logistics & Transport – Shipping & Port services | – Legal & Design services – Research & Development – Telecom, IT & ITES – Banks & Financial Services – Government Services |