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This paper examines the factors responsible for generating the services led growth witnessed in the Indian economy during 1980–2005. A sectoral growth accounting exercise shows that total factor productivity (TFP) growth was the fastest for services; moreover this TFP increase was significant in accounting for service sector value added growth. A growth model with agriculture, industry and services as three principal sectors is calibrated to Indian data using sectoral TFP growth rates. The baseline model performs well in accounting for the evolution of value added shares and their growth rates, but is unable to capture sectoral employment share trends. The performance of the model with respect to value added shares improves when the post 1991 increase in service sector TFP growth following the inception of market-based liberalization reforms is accounted for. A modified version of the model with public capital can better track trends in sectoral employment shares.

An empirical comparison of the historical growth experiences of contemporary developed countries with the current growth experiences of some fast growing contemporary developing nations reveals some significant differences in their growth patterns. For most industrialized nations, such as United Kingdom, France and the United States, historical data show that at low levels of per capita income, the agricultural sector dominated the composition of output and employment. As these nations embarked on a path of rapid and sustained economic growth, resources were transferred from the agricultural sector to the manufacturing and service sectors. Only when the economy matured and reached the status of a high-income nation did the role of the service sector become more dominant. Today, for some low income, rapid growing industrializing nations, this process of sectoral reallocation of economic activity, also known as structural transformation or structural change, looks different. In these countries, even at low levels of per capita income, the service sector accounts for a significant amount of the economy's output as measured by its share in Gross Domestic Product (GDP). Moreover, in these economies the share of services in GDP has been increasing at a rapid rate, much greater than the corresponding growth rate witnessed by the service sector in the GDP of contemporary developed economies when they were at equivalent stages of development. In some of the low-income economies in the present day, the role of the service sector has become more prominent at relatively early stages of economic development. This paper accounts for the rapid growth of the service sector in one of today's low-income, fast growing, developing economies—India, and investigates the factors driving this services-led growth in the economy.

This paper examines the factors responsible for generating the services led growth witnessed in the Indian economy during 1980–2005. Results from growth accounting show that changes in total factor productivity (TFP) were important, and that TFP growth was the largest source of service sector value added growth. As compared to the other sectors, measured service sector TFP growth was much higher than measured TFP growth in agriculture and industry, and increased substantially following the inception of market-based liberalization policies from 1991. I build a three-sector growth model to evaluate the quantitative performance of differential TFP growth across sectors in accounting for value added and employment growth in the sectors. In order to highlight the importance of the post liberalization increase in service sector TFP, a simple exercise which shows a significant improvement in the model's performance when one takes into account the post-1991 TFP growth rate is conducted. I argue that the increase in service sector TFP was a result of the liberalization policies adopted by India.