Being one of the three key sectors, the Service sector deals with the production of services. While the Service industry is the third sector, the primary and secondary sectors are related to raw materials and manufacturing units. Wide range of services may involve the transport, distribution and sale of goods from producer to a consumer in both wholesaling and retailing department based on the requirements.
What is the Quality policy?
A quality policy is nothing but a statement that drives the function of your entire Quality Management System. It lays the framework for all future quality objectives and states your commitment to meet the requirements.
For instance, if a company or organization is committed to providing goods and services to the customers, then the quality policy will be helpful to meet or exceed the requirements of ISO 9001 (The international standard that specifies requirements for a quality management system)
After observing the benefits of the quality policy technology in various fields, introducing the Quality policy in the service industry will earn most satisfying and accurate results, says Astro strategist and business Astrologer Hirav Shah.
The service industry in India
Service industry plays a key role in our country’s GDP growth and attract significant foreign investments and helps for the export market with a large scale of employment involved, says Hirav Shah
Wide range of businesses such as transportation, storage and communication, financing, real estate, insurance, trade, restaurants and hotels come under this service industry.
Community services along with business-related activities, units associated with construction also come under this giant industry.
The market for the service industry in India
Being the key driver of India’s economic growth, in 2020 the industry has contributed approximately 54% to India’s Gross Value Added at the country’s current economic price.
In 2016, the Gross Value Added price of the service sector used to be close to 1,005 billion dollars which saw a significant hike of about 1,067 billion dollars in 2020 with a CAGR growth of 1.45%.
As per the official figures released by the Reserve Bank of India (RBI) in August 2020, service exports generated revenue of ₹122,768.07 crores and for the same year, the imports registered ₹71,663 crores approximately.
The October 2020 data says that Nikkei India services Purchasing Managers’ Index stood at 54.1 and is said to be the highest reading since March indicating the decline in business in the private sector.
A few key developments in recent times
a) In the second half of 2020, Linked and NSDC collaborated to accelerate skill training for the unemployed youth in the country. Adding to it, NASSCOM Future skills and Microsoft joined hands to launch a nationwide AI skilling initiative to train one million students in AI by the end of 2021 through the digital presentation.
b) Bharti Airtel entered the cloud communications market with the launch of business-centric Airtel IQ
c) Jio Platforms Ltd in the month of June 2020 sold 22.38% stake worth 14.75 billion dollars to ten global investors. This massive deal involves Facebook, Silver Lake, Vista, General Atlantic, Mubadala, Abu Dhabi Investment Authority, TPG Capital sectors.
d) The healthcare industry is planning to take a complete shift to digitalization with teleconsultations with which the telemedicine market is expected to be hugely benefited.
Service sector growth is Indian facilities management market is expected to see a growth at CACR in the coming years with support from real estate, retail and hospitality sectors.
In the healthcare sector, the digital economy is estimated to see a growth of 1 trillion dollars by 2025.
The implementation of the Goods and Services Tax ( GST) has reduced the overall tax burden on goods and brought the common national market.
Implementation of Quality policy in the service industry
By introducing the quality policy in the service industry, there will be a created a tracking system on overall exports and imports in the sector due to which the mismanagement won’t happen in the wide range of products involved market, says Hirav Shah
Implementation of the quality policy is one of the largest sectors like Service industry is a unique idea and will help for the betterment of the service chain. But before that approaching a business Astrologer and taking his inputs on various ways and where to apply the quality policy is always a safe bet, concludes Astro strategist Hirav Shah.