The Role of Service Industry in the Economic Development Free Essays

string(66) information of work commitment for a long time have been explained. Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 5, 2012 www. iiste. organization The Comparative Growth of Service Sectors in Bangladesh Mohammad Shahidul Islam1, Md. We will compose a custom exposition test on The Role of Service Industry in the Economic Development or then again any comparative theme just for you Request Now Musa2, Rajib Kanti Das3 1. Aide Professor, School of Business, University of Information Technology and Sciences, 40/1 Jakir Hossain Road, Khulshi, Chittagong, Bangladesh Tel: 88-01190-955692 E-mail:shahidulislam28@yahoo. com 2. Teacher, School of Business, University of Information Technology and Sciences, 40/1 Jakir Hossain Road, Khulshi , Chittagong, Bangladesh,Tel: 88-01819-619269 . Email: musa0999@gmail. com 3. Aide Professor, Faculty of Business Administration, BGC Trust University Bangladesh * E-mail of the comparing creator: shahidulislam28@yahoo. com Abstract The Economy of Bangladesh is characterized into three segments. Of these, the normal commitment of administration part, industry area, agribusiness division to the GDP are 49. 33%, 28. 42% and 22. 42% individually. Along these lines, the administration areas contribute the majority of the improvement of national economy. The exploration points are to break down the near commitment of administration segment with different parts, the effect of exchange progression of administration segment and to give the proposals to advancement of administration segment. It is taken an example of ten years information of GDP from 2000-01 to 2009-10 for investigating the correlation of administration area with different segments (industry and agribusiness). The normal development rates between administration divisions and industry parts or farming segment or complete GDP are dissected with‘t’ test. The normal development pace of administration part, inudsty division, and farming area are 6. 17%, 7. 49%, 3. 21% separately. The development of administration division is more than the farming segment however not exactly the business area (result of‘t’ test). The paper additionally uncovers that all out exchange shortfall of administration is expanding throughout the year. The normal work of Agriculture, Industry, Service to add up to business are 58. 89%, 12. 39% and 25. 36% separately. The paper underscores for the improvement of Tourism area, Software, Transportation and Financial srvice, Education with quality, and so forth. Catchphrases: GDP, Service, Agriculture, Industry 1. Presentation The Economy of Bangladesh is growing one. It is essentially isolated into three fundamental segments viz. Administration, Agriculture and Industry. Among the Economic Sectors in Bangladesh, Service division is generally significant. The commitment of administration division to the GDP is about half (Bangladesh Economic Review-2010). In this way, Service areas impact the improvement of national economy. There is an inert interest for administrations in Bangladesh. To determine the need of administrations for enormous populace of Bangladesh, such segments are to be opened for private business people with required control. The tremendous commitment of administration area and an expanding pattern in that have assumed a significant job in high development of GDP. The investigation of last not many years’ information gives a reasonable thought on the wonder. The commitment of the business area to the economy of Bangladesh has been expanding step by step. With the end goal of national pay bookkeeping, Bangladesh Bureau of Statistics (BBS) partitions the economy into fifteen segments (Bangladesh Economic Review-2010, Ministry of Finance). 2. Issue proclamation From the development of by and large size of Economy, it is hard to recognize the importance of explicit division. Appropriate sustaining of essentially contributory part, the development of Economy might be stood up to. Already there was no contrast among Services and Products. Administration idea is the cutting edge issue on the planet. The greater part of the business is identified with administrations. Indeed, even the item itself offers the support to the clients. So the administrations are the indispensable issue now. The monetary segments arranged by Bangladesh Government are Hotel and Restaurant, Retail exchange and Wholesale exchange, Transportation and Communication, Real state and Renting, Financial Institution, Public Administration and Defense, Education, Health and Social Services, Community and Personal Services are incorporated under Service Sectors. So they involve a significant portion of all out financial matters segments. Therefore, significance of administration is noteworthy. For Economic advancement we generally think in regards to industry and farming divisions rather administration areas. Yet, significant division in the economy is administration part. In the cutting edge world, administration is required in each period of life. Individuals anticipate better assistance. Our open areas 178 Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 5, 2012 www. iiste. organization including open undertakings are biggest segments in the economy. However, these segments are losing concern. The open part can't offer serious assistance. Along these lines, individuals go to private segments, for example, money related establishments, transportation, clinics, instructive organizations, and correspondence media for better assistance. Be that as it may, the development pace of administration areas is either beneath anticipated level or not according to its significance in the economy. From this exploration the issues of administration areas are distinguished. For expanding the expectation for everyday comforts of the individuals the administration idea has come to lime light. Administration showcasing and administration the executives will get the significance to build up the administration areas in Bangladesh. The examination points are to investigate the similar commitment of administration division with different areas, the effect of exchange progression of administration part and to give the proposals to improvement of administration segment. 3. Goals of the Study Some particular targets are set for this examination. The main goal of this examination is to assess the similar situation of administration part. To achieve this essential goal, following explicit destinations are set: I. To lead the relative examination of administration segment with Agriculture and Industry divisions. ii.. To break down the effect of Liberalization on Service divisions iii. To give the proposals to improvement of Service area. 4. Technique This exploration has utilized for the most part optional information have been utilized for investigation. Information have been gathered from Bangladesh Economic Survey, Bangladesh Bureau of Statistics, Bangladesh Bank, World Bank, and Internet sites, Books, Newspapers, Magazines and Journals. We have utilized required information for a long time from 2000-01 to 2009-10 for investigating the commitment of monetary areas, development pace of every segment viz. administration, industry and agribusiness. Information of administration fare and import from 2004-05 to 2009-10 (five years) and the information of work commitment for a long time have been clarified. You read The Role of Service Industry in the Economic Development in class Paper models 4. 1 Analysis of information: The information have been examined utilizing diagram, outline and some other straightforward measurable apparatuses. The development pace of administration areas (pattern) is appeared by graphical introduction. The absolute commitment of administration divisions and segment savvy portion of significant segments are demonstrated graphically. The normal development rates between administration divisions and industry segments or horticulture part or all out GDP have been thought about by student’s‘t’ test. 4. 2 Hypothesis test 4. 2. H 0 :  µ1 =  µ 2 (There is no critical distinction between the development pace of administration segments and industry segments. ) 4. 2. 2 H 0 :  µ1 =  µ 2 (There is no noteworthy distinction between the development pace of administration parts and farming areas) 4. 2. 3. H 0 :  µ1 =  µ 2 (There is no noteworthy contrast between the development pace of administration areas and the development pace of all out GDP) 5. Examination and Results 5. 1. The Contribution of Service Sector Off all the divisions, administration segment is unmistakable one. Administration division has the developing potential to be driver of maintainable financial development and huge neediness mitigation in Bangladesh. Administration part in Bangladesh is the biggest segment. From the table 2(a), it is seen that the commitment of the administration segment is normal 49. 33%. It is consistent over the period. The commitment of administration segments are 48. 77% in 2000-01 and 49. 90% in 2009-10. Figure-1 exhibits commitment of various areas in GDP. The groth pace of srvice division is consistent. The normal development is 6. 17%. The development rates are 5. 43% ,6. 40%, and 6. 59% in 2001-02, 2005-06, 2009-10 individually. 5. 2. Development of Sub-areas of Service Sector Growth pace of administration division is consistnent and contineous. From the Table 1(b), it is indicated that the four sub parts â€(i) Trade (ii) Transport, stockpiling and correspondence (iii) Realstate leasing and different Business exercises (iv) Community, social and individual administrations contribute more in GDP which are 14. 06%, 10. 07%, 7. 98%, 7. 39% 179 Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 5, 2012 www. iiste. organization individually. Be that as it may, The development rate is more for the Education, Banking, Public organization, Transportation which are 8. 42%,8. 13%, 7. 88% ,7. 48% separately. 5. 3. Near Analysis of Service Sector with Agriculture and Industry Sector From the relative introduction of the parts, it is discovered that administration area is sustaiable as far as development and commitment to toal GDP. From the Table 2(a), 2(b) and figure - 2, it is demonstrated that the normal commitment of administration part, industry and agriculute segments are 49. 33%, 28. 42%, 22. 25% individually. Thus, the administration part is the half of all out area of economy. The development pace of administration segment, inudsty sector,and farming secture are 6. 17%, 7. 49%, 3. 21% individually. Here, from the figure-2, it is seen that the