Dr. Sudhanshu Bhushan 
Editor

The Journal of Services Research documents significant research being carried out in the services sector globally, both in developed and emerging economies. The global services sector is undergoing a revolution. There is an explosive growth of trade opportunities, and an increased need to participate in the competitive international markets, by smaller business entities located in these markets globally.

As globalization drives a sea change in trading activities, there is a need to boost service providers' participation in international business. The revolution in the services sector exports has come about despite a traditional misunderstanding of its potential. Governments and business associations have tracked trade in the multi-faceted services sector inadequately.

The intangible nature of services "where promises rather than goods are being sold" has meant that service providers, often small businesses, are not aware of the fact that they are participating in export activities.  

The global services sector is the most dynamic sector contributing one third of the Gross Value Added (GVA), half the global employment, one fifth of global trade and approximately half of the world's foreign direct investment inflows. The 2011 World Development Indicators reported, that the services sector accounted for almost 71% of global GDP in 2010 and was expanding at a quicker rate than the agriculture and the manufacturing sectors. In 2011, commercial services exports grew 11% to US$ 4.1 trillion, 29.82% contributed by developing countries and 2.85% from transition economies. Among the world's top 15 countries in terms of GDP, the US ranks first in both services GVA and overall GDP, followed by China in second position, and Japan in the third position. India ranked ninth in terms of overall GDP and tenth in terms of services GVA in 2014 as per OECD reports.

The services sector in India contributed 66.1% of its Gross Value Added (GVA) in 2015-16. It is the dominant sector in India's GDP, functioning as an important net foreign exchange earner, contributor to significant exports, providing large scale employment and the most lucrative sector for FDI inflows. A large portion of the Indian services sector comprising of financial services, banking, insurance, non-financial/business, outsourcing, research and development, courier and technical test analysis, has attracted FDI equity inflows of approximately US$58.34 billion or 17.99% of the total FDI inflow between April 2000-December 2016, as reported by the Department of Industrial Policy and Promotion (DIPP). CSO predicts a growth of 8.8% in the Indian services sector in 2016-2017.

The Market Research Store report estimates show that, the Indian telecommunication services market is expected to grow by 10.3% , touching US$ 103.9 billion by 2020. The Indian digital classifieds industry is expected to touch US$ 1.2 billion by 2020, driven by growing online services, real estate and automobiles. The sub-sector comprising of financial services, real estate and professional services was estimated at US$ 305.8 billion. The sub-sector of community, social and personal services contributed US$ 188.2 billion to the GDP.

A growing recognition of the pivotal role services play in all economies and a shift in understanding how services should be packaged, marketed, sold and reported, have sparked interest from exporters and trade development officials worldwide; that continues to gain momentum. The changes have been accelerated by the digital revolution in the realm of technology, which opened powerful new mechanisms to ease and facilitate trade in services. The sector also advanced thanks to the agreement of a definition of trade of services achieved under the Uruguay Round negotiations, on the General Agreement on Trade in Services. The service sector has a very strong global context, which needs to be studied and researched. The Journal of Services Research is targeting the achievement of this purpose and calls upon both academicians and practitioners, to publish meaningful research on the subject. With the above mentioned objectives I would request academia and practitioners, to share their ideas and research on this platform of JSR.

I wish we all make the most of the ongoing service sector revolution!!

Dr. Sudhanshu Bhushan
Editor, Journal of Services Research
Professor, Vedatya Institute.

Ph. 91-124-4860800
Email:
jsr@vedatya.ac.in

 

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