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Output Measurement of Services:Case Studies of Medical Care and Retail Trade in India
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The sectoral composition of the Indian economy has undergone a structural shift over the years. It is best exemplified in changes in the shares of GDP contributed by agriculture, industry and service sectors. From a primary agro-based economy during the early years of planning, the Indian economy has emerged as predominant in the services sector during the last couple of decades. This note has tried to shed lights on this 'service-led' growth from the angle of official data base and its estimation procedures. It has been argued that appropriate data and proper estimation procedures can explain and even alter the conclusions drawn previously, particularly in the case of phenomenal growth of services sector in the few decades.
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