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Services sector accounts for half of India's GDP: Prasad

MUMBAI: In the session dedicated to the services sector at the AAAI Diamond Jubilee seminar, TV Today chief executive officer G Krishnan said that the two things on everyone's mind today were jobs and the Sensex.

He said that 2004 had been a great year for jobs in India in the IT, BPO, telecom, retail and financial services sector. On the other hand, a query that most seem to have is - Now that the Sensex has crossed the 7000 mark, when will touch 8000?

 

"The services sector accounts for half of India's GDP, which can be touted as a watershed in the Indian economy. This sector is growing at a fast pace. Be it in the tangible or intangible form, the services sector has transgressed all forms," Krishnan said.

The speakers for this session were Birla Sun Life Asset Management Co. CEO S V Prasad and Airtel chief marketing officer Atul Bindal.

 

 

Prasad said that since today there was easy availability of finance, there is a rising affordability among consumers. There is a rise in the per capita income and change in lifestyle of most Indians. "Outsourcing has seen a rampant growth and India's talent pool is driving the global economy. Also, the Indian equity in the market is getting better. This is what is driving the growth in the Indian services sector," he said.

 

 

Bindal said that the growth in the telecom sector has happened in the last two years. "As of June 2005, India has 47.7 million fixed line subscribers, 56.9 wireless subscribers and 104.6 telecom subscribers," he said.

Airtel has mono brand architecture across India. Bindal listed out the key shifts and trends in the market that will ascertain the future of brand Airtel. They are:

Moving from brand = image to brand = experience

Less rivalry among the players

Challenge of scooping the next 100 million subscribers

Changing the buying behaviour of customers from handset, plan, and service provider (in that order) to service provider, plan and handset.

Non-voice will be the differentiator

Strategic partnerships for content (Bollywood), and

Technology led media planning and delivery.

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