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Growth of Service Sector in modern economies plays a vital role. Derive it's implications for such economies.

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Services are an important constituent of modern economic development, which include retailing and sale of goods to the people, education, health and welfare, leisure, recreation and business services. 

Business services include advertising, recruitment and personal training. Service sector was not given as much attention as was given to the production of goods. But in advanced countries, service-based development has been very rapid. During the developmental process, a normal course of events take place in most countries over a period of time. There is a transition from the primary sector to the secondary sector and in the later stage to the tertiary and quaternary sector. The growing importance of services has now given it an independent status as a productive sector in the economy. Instead of being an accessary to manufacturing or to the people at large, it is a huge contributor to a country’s export.

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