List of Profitable Business Ideas in Services Sector, Hospitality Sector, Education Sector, Healthcare Industry, Leisure and Entertainment Industry.

The services sector is not only the dominant sector in India’s GDP, but has also attracted significant foreign investment flows, contributed significantly to exports as well as provided large-scale employment. India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction.

The services sector is the key driver of India’s economic growth. The sector contributed around 53.8 per cent of its Gross Value Added in 2016-17 and employed 28.6 per cent of the total population. Net services exports from India grew 14.6 per cent in the first half of 2017-18 and the sector attracted 60.7 per cent of India’s total FDI inflows.

The Reasons for the growth of the Services Sector contribution to the India GDP

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 Indian Information Technology (IT) sector has a large global presence, spanning 200 cities across 86 countries in the world and has been growing rapidly over the last few years. The size of the sector in 2015-16 was US$143 billion and the sector is expected to reach US$155 billion by 2017. The IT sector contributed 9.5% to the country’s GDP and more than 45% in total services exports in 2015-16.

Total revenues from the sector amounted to US$143 billion with majority of the revenues coming from exports.

Total value of exports stood at US$108 billion in 2016, with the export market growing at a CAGR of 13.5%. North America is the major destination for IT exports and generates 60% of the export revenue.

The software and hardware sectors attracted cumulative FDI inflows worth US$21.02. With 3.7 million people employed, the sector is a major contributor with respect to employment generation and is also the fourth largest urban employer of women, adding to gender parity and social progress.

Rapid digital transformation across industries, growing internet penetration, affordable new age technologies such as artificial intelligence, robotics, and virtual reality and rising demand for cost effective IT services in emerging economies are some of the key demand drivers for this sector.

The domestic IT market in India has a high growth potential driven by Digital India initiatives of the Government. There are also significant opportunities for the sector in terms of regional global expansion, given that Japan and China are the largest technology spenders in the Asia Pacific region.

Amusement parksare an integral part of the global leisure and entertainment industry. The industry can be broadly categorised into amusement parks, theme parks and water parks. The sector can also be broadly segmented on the basis of the catchment area that they cater to, along with the type and scale of activities they offer. Global amusement parks can also be classified on the basis of the concepts and themes around which a park/ offering is designed such as thrill & adventure, sports & edutainment, amongst a few.

Every year industry is seeing 15-20 percent growth in the sector – be it expansion of existing parks or the setting up of new ones. The Industry has been growing at a compounded annual growth rate (CAGR) of more than 17.5 percent with annual revenue of approx. INR 17 billion and estimated to grow to at least INR 40 billion by 2020.

The water park industry has shown continued growth in 2014 with increased numbers of indoor and outdoor water parks being developed throughout the United States and Canada. Our projections for 2015 show a number of new openings will occur throughout North America, which will boost the supply of water parks and increase revenues for this growing industry.

The Indian tourism and hospitality industry has emerged as one of the key drivers of growth among the services sector in India. Tourism in India has significant potential considering the rich cultural and historical heritage, variety in ecology, terrains and places of natural beauty spread across the country.

India is expected to move up five spots to be ranked among the top five business travel market globally by 2030, as business travel spending in the country is expected to treble until 2030 from US$ 30 billion in 2015.

International hotel chains will likely increase their expansion and investment plans in India, and are expected to account for 50 per cent share in the Indian hospitality industry by 2022, from the current 44 per cent.

The hospital services’ market represents one of the most lucrative segments of the Indian healthcare industry. Various factors, such as increasing prevalence of diseases, improving affordability, and rising penetration of health insurance are fuelling the growth in the Indian hospital industry. Several private players are also entering the sector with new plans of establishing hospitals and health centers around the country. On the back of continuously rising demand, the hospital services industry is expected to be worth US$ 81.2 Billion by 2015.

Healthcare has become one of India’s largest sectors - both in terms of revenue and employment. The Indian healthcare market is expanding rapidly. The Indian healthcare industry amounted to $110 billion in 2016 and is expected to reach $280 billion by 2020 due to increased demand for specialized and quality healthcare facilities. Health care has become one of India's largest sectors both in terms of revenue and employment. The industry is growing at a tremendous pace owing to its strengthening coverage, services and increasing expenditure by public as well private players.

Service sector is the lifeline for the social economic growth of a country. It is today the largest and fastest growing sector globally contributing more to the global output and employing more people than any other sector.

The real reason for the growth of the service sector is due to the increase in urbanization, privatization and more demand for intermediate and final consumer services. Availability of quality services is vital for the well being of the economy.

In advanced economies the growth in the primary and secondary sectors are directly dependent on the growth of services like banking, insurance, trade, commerce, entertainment etc.

In alignment with the global trends, Indian service sector has witnessed a major boom and is one of the major contributors to both employment and national income in recent times. The activities under the purview of the service sector are quite diverse. Trading, transportation and communication, financial, real estate and business services, community, social and personal services come within the gambit of the service industry.

One of the key service industry in India would be health and education. They are vital for the country’s economic stability. A robust healthcare system helps to create a strong and diligent human capital, who in turn can contribute productively to the nation’s growth.