India’s services sector likely to triple by 2035

India’s services sector, now contributing about $2.2 trillion to gross domestic product (GDP), is expected to grow to about $6 trillion by 2035, implying a compound annual growth rate (CAGR) of about 10.6%, a report said on Tuesday. The huge surge will increase services’ share of GDP to nearly 60% while it currently accounts for about 55% of GDP, the report from OmniScience Capital said. The report highlighted the growing dominance of India’s services sector “as the country progresses toward becoming a $10 trillion economy by 2035, translating into a roughly $6 trillion economic opportunity.” The report highlighted the services sector as the largest and fastest-growing component of India’s Gross Value Added.