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November<br />
IJRSS Volume 1, Issue 2 ISSN: 2249-2496<br />
2011<br />
_________________________________________________________<br />
Abstract:<br />
The liberalized WTO regime has opened up both challenges and opportunities for India’s<br />
foreign trade. The opportunity lies in terms <strong>of</strong> expansion in the form <strong>of</strong> gaining entry in more and<br />
more countries and the challenges arise from issue relating to quality <strong>of</strong> products, reliability <strong>of</strong><br />
services and the protectionist policies <strong>of</strong> the developed countries. India is trying her level best to<br />
maximize the benefits and faces the challenges through a series <strong>of</strong> policy measures. India took<br />
the first decisive step to open up its economy in 1991. Since then a series <strong>of</strong> reform have been<br />
implemented aimed at integrating the national economy with the world economy as a part <strong>of</strong> a<br />
conscious strategy to boost economic growth and development. Openness <strong>of</strong> the economy has<br />
proved to be a major factor in economic growth.<br />
The service sector forms the backbone <strong>of</strong> social and economic development <strong>of</strong> a region.<br />
It has emerged as the largest and fastest growing sectors in the world economy, making higher<br />
contributions to the global output and employment. Its growth rate has been higher than that <strong>of</strong><br />
agriculture and manufacturing sectors. It is a large and most dynamic part <strong>of</strong> the Indian economy<br />
both in terms <strong>of</strong> employment potential and contribution to national income. It covers a wide<br />
range <strong>of</strong> activities, such as trading, transportation and communication, financial, real estate and<br />
business services, as well as community, social and personal services.<br />
This paper highlights the Post-WTO trading regime in services sector and highlights its<br />
opportunity for India’s trade in service. The study also examines the development <strong>of</strong> services<br />
between the developed countries and the developing countries. The paper also highlights the<br />
share <strong>of</strong> selected countries <strong>of</strong> the world trade in commercial services.<br />
The study has as its period <strong>of</strong> reference the post-WTO period which is also compared<br />
with the pre-WTO period. The study is based on secondary sources <strong>of</strong> data which have been<br />
collected from various sources. Due acknowledgement has been given to their appropriate<br />
places. The methodology used is simple and analytical. Tabular analysis has been used to analyse<br />
the data and results have been interpreted accordingly.<br />
Key words: WTO, Developing Countries, Developed Countries Indian Economy, Services<br />
Sector.<br />
A Quarterly Double-Blind Peer Reviewed Refereed Open Access <strong>International</strong> e-Journal - Included in the <strong>International</strong> Serial Directories<br />
Indexed & Listed at: Ulrich's Periodicals Directory ©, U.S.A., Open J-Gage, India as well as in Cabell’s Directories <strong>of</strong> Publishing Opportunities, U.S.A.<br />
<strong>International</strong> Journal <strong>of</strong> Research in Social Sciences<br />
http://www.ijmra.us<br />
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