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Manufacturing sector :
SECONDARY INDUSTRIES:-
These are also known as light (consumer) industries. They produce small products
which are used by the individuals or normal consumers. It is small-scale suitable for factory
units in industrial estates. Usually investment for these kind of industry is not much needed.
Only a limited amount of capital is needed. For example- Electrical goods, Clothing, Food
processing and toys.
SERVICE SECTOR:
The service sector consists of the "soft" parts of the economy, i.e. activities where people
offer their knowledge and time to improve productivity, performance, potential, and
sustainability, which is termed as affective labour. The basic characteristic of this sector is the
production of services instead of end products Services (also known as "intangible goods")
include attention, advice, access, experience, and discussion.. It contributes to around 55
percent of India's GDP during 2006-07. This sector plays a leading role in the economy of
India, and contributes to around 68.6 percent of the overall average growth in GDP between
2002-03 and 2006-07. There has been a 9.4 percent growth in the Indian economy during
2006-07 as against a rise of 9 percent in the same during 2006-06. During this growth in
Indian economy, the service sector witnessed a rise of 11 percent in the year 2006-07 against
the 9.8 percent growth in 2005-06. The service sectors of Indian economy that have grown
faster than the economy are as follows:
Information Technology (the most leading service sectors in Indian economy)
IT-enabled services (ITES)
Telecommunications
Financial Services
Community Services
Hotels and Restaurants
HDFC Bank
ITC
Infosys
Inventory
Service firms, unlike manufacturers, do not hold inventory; they create a service when a
client requires it. Manufacturers produce goods for stock, with inventory levels aligned to
forecasts of market demand. Some manufacturers maintain minimum stock levels, relying on
the accuracy of demand forecasts and their production capacity to meet demand on a just-in-
time basis. Inventory also represents a cost for a manufacturing organization.
Customers
Service firms do not produce a service unless a customer requires it, although they design and
develop the scope and content of services in advance of any orders. Service firms generally
produce a service tailored to customers' needs, such as 12 hours of consultancy, plus 14 hours
of design and 10 hours of installation. Manufacturers can produce goods without a customer
order or forecast of customer demand. However, producing goods that do not meet market
needs is a poor strategy.
Labour
A service firm recruits people with specific knowledge and skills in the service disciplines
that it offers. Service delivery is labour intensive and cannot be easily automated, although
knowledge management systems enable a degree of knowledge capture and sharing.
Manufacturers can automate many of their production processes to reduce their labour
requirements, although some manufacturing organizations are labour intensive, particularly in
countries where labour costs are low.
Location
Service firms do not require a physical production site. The people creating and delivering
the service can be located anywhere. For example, global firms such as consultants Deloitte
use communication networks to access the most appropriate service skills and knowledge
from offices around the world. Manufacturers must have a physical location for their
production and stock holding operations. Production does not necessarily take place on the
manufacturer's own site; it can take place at any point in the supply chain.