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 article test on The Role of Service Industry in the Economic Development or on the other hand any comparable 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 parts. Of these, the normal commitment of administration area, industry segment, agribusiness division to the GDP are 49. 33%, 28. 42% and 22. 42% separately. In this way, the administration segments contribute the greater part of the improvement of national economy. The exploration points are to break down the near commitment of administration part with different areas, the effect of exchange progression of administration segment and to give the proposals to improvement of administration division. It is taken an example of ten years information of GDP from 2000-01 to 2009-10 for breaking down the correlation of administration division with different areas (industry and farming). The normal development rates between administration divisions and industry parts or horticulture area or all out GDP are broke down with‘t’ test. The normal development pace of administration part, inudsty segment, and agribusiness segment are 6. 17%, 7. 49%, 3. 21% separately. The development of administration division is more than the farming area however not exactly the business segment (result of‘t’ test). The paper additionally uncovers that all out exchange deficiency 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% individually. The paper accentuates for the improvement of Tourism area, Software, Transportation and Financial srvice, Education with quality, and so on. Catchphrases: GDP, Service, Agriculture, Industry 1. Presentation The Economy of Bangladesh is growing one. It is fundamentally separated into three essential segments viz. Administration, Agriculture and Industry. Among the Economic Sectors in Bangladesh, Service area is generally significant. The commitment of administration part to the GDP is about half (Bangladesh Economic Review-2010). Along these lines, Service divisions impact the improvement of national economy. There is a dormant interest for administrations in Bangladesh. To determine the need of administrations for enormous populace of Bangladesh, such areas are to be opened for private business people with required control. The huge commitment of administration part 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 part to the economy of Bangladesh has been expanding step by step. With the end goal of national salary bookkeeping, Bangladesh Bureau of Statistics (BBS) separates the economy into fifteen segments (Bangladesh Economic Review-2010, Ministry of Finance). 2. Issue explanation From the development of generally speaking size of Economy, it is hard to distinguish the criticalness of explicit segment. Legitimate supporting of fundamentally contributory division, the development of Economy might be stood up to. Beforehand there was no distinction among Services and Products. Administration idea is the advanced issue on the planet. The vast majority of the business is identified with administrations. Indeed, even the item itself offers the support to the clients. So the administrations are the imperative issue now. The monetary parts ordered 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 possess a significant portion of absolute financial matters segments. Thus, significance of administration is noteworthy. For Economic improvement we generally think in regards to industry and horticulture segments rather administration divisions. In any case, significant segment 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 ventures are biggest segments in the economy. Be that as it may, these divisions are losing concern. The open area can't offer serious support. In this way, individuals go to private areas, for example, budgetary foundations, transportation, emergency clinics, instructive organizations, and correspondence media for better assistance. Be that as it may, the development pace of administration segments is either underneath anticipated level or not according to its significance in the economy. From this examination the issues of administration areas are recognized. For expanding the expectation for everyday comforts of the individuals the administration idea has come to lime light. Administration promoting and administration the board will get the significance to build up the administration parts in Bangladesh. The examination points are to investigate the near commitment of administration segment with different divisions, the effect of exchange advancement of administration part and to give the proposals to improvement of administration area. 3. Targets of the Study Some particular destinations are set for this exploration. The key goal of this examination is to assess the near situation of administration part. To achieve this fundamental target, following explicit goals are set: I. To direct the similar examination of administration segment with Agriculture and Industry parts. ii.. To examine the effect of Liberalization on Service parts iii. To give the suggestions to advancement of Service segment. 4. System This examination has utilized generally auxiliary 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 breaking down the commitment of monetary parts, 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 classification Paper models 4. 1 Analysis of information: The information have been dissected utilizing diagram, outline and some other straightforward factual instruments. The development pace of administration segments (pattern) is appeared by graphical introduction. The absolute commitment of administration segments and part astute portion of significant areas are demonstrated graphically. The normal development rates between administration areas and industry divisions or farming segment or all out GDP have been looked at by student’s‘t’ test. 4. 2 Hypothesis test 4. 2. H 0 :  µ1 =  µ 2 (There is no huge contrast between the development pace of administration divisions and industry parts. ) 4. 2. 2 H 0 :  µ1 =  µ 2 (There is no h uge distinction between the development pace of administration areas and horticulture parts) 4. 2. 3. H 0 :  µ1 =  µ 2 (There is no critical distinction between the development pace of administration parts and the development pace of absolute GDP) 5. Examination and Results 5. 1. The Contribution of Service Sector Off all the areas, administration division is conspicuous one. Administration part has the developing potential to be driver of practical monetary development and critical 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 division is normal 49. 33%. It is consistent over the period. The commitment of administration parts are 48. 77% in 2000-01 and 49. 90% in 2009-10. Figure-1 shows commitment of various divisions in GDP. The groth pace of srvice area 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 areas 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. However, The development rate is more for the Education, Banking, Public organization, Transportation which are 8. 42%,8. 13%, 7. 88% ,7. 48% individually. 5. 3. Relative Analysis of Service Sector with Agriculture and Industry Sector From the similar introduction of the divisions, it is discovered that administration part 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 segment, industry and agriculute areas are 49. 33%, 28. 42%, 22. 25% individually. Thus, the administration area is the half of all out part of economy. The development pace of administration part, inudsty sector,and horticulture secture are 6. 17%, 7. 49%, 3. 21% separately. Here, from the figure-2, it is seen that the