|Consider the following statements:|
|1. Service sector contributes more than two-third of world GDP|
|2. In the last two decades India's high growth story is powered by service sector.|
|Which of the following statements is/are correct?|
A) 1 only
B) 2 only
C) Both 1 and 2
D) neither 1 nor 2
Correct Answer: C
Solution :[c] Service sector contributes more than two-third of world GDP and it is the largest sector in most of the economies and it is the fastest growing sector in many of them. India has the second fastest growing services sector with its compound annual growth rate at nine per cent, just below China's 10.9 per cent, during the last 11-year period from 2001 to 2012, the Economic Survey for 2013-14 said.
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