Services sector contributes over 50 per cent to India’s GDP. The sector has exhibited significant resilience, posting growth even during periods of crisis in the last two decades. The IT sector has been the backbone of the services revolution in the country.
The age dependency ratio of high-income countries has been steadily increasing and stands at almost 55 per cent.
What is the status worldwide?
How is it an opportunity for India?
What should be done?
Discovering opportunities in services sector beyond information technology would not only help earn foreign exchange for the country, but also facilitate economic diplomacy.
Source – The Hindu Business Line
QUESTION – The developed world is facing an ageing problem scenario which presents a once-in-a-lifetime opportunity for India to reap it to its own advantage. Discuss how?