India is amongst the top-ranking countries in the field of basic research. Indian Science is one of the most powerful segments for growth and development, especially in the emerging scenario and competitive economy.
India has a well-developed semiconductor design industry, with 120 design units and is ranked second among countries such as the US, the UK, Germany, Sweden, China, Taiwan and Israel in terms of design revenues.
The share of services in India’s GDP at factor cost (at current prices) rose from 33.3 per cent (1950–1951) to 56.5 per cent in 2012–13, as per advance estimates. During FY 2014–15, the sector is projected to grow at a healthy 5.6 per cent, according to National Council of Applied Economic Research (NCAER).
India has become the second best in terms of growth amongst the top ten steel producing countries in the world and a net exporter of steel during 2013–14. Steel production in India recorded a growth rate of 4.8 per cent in February 2014 over February 2013.
India is the world’s second-largest telecommunications market. The mobile phone industry in India is likely to contribute US$ 400 billion to the country’s gross domestic product (GDP) and has the potential to generate about 4.1 million additional jobs by 2020.
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