Professional, Scientific, and Technical Services Sector

The professional, scientific, and technical services sector comprises establishments that specialize in performing activities that require a high degree of expertise and training. Businesses in this sector rely on expertise and skills in their labor force for their products or service delivery. They are specialized businesses that sell their expertise. In most cases, equipment and materials are not major inputs. The activities undertaken generally require a high level of knowledge, training and formal (usually tertiary level) qualifications. These services include scientific research, architecture, engineering, computer systems design, law, accountancy, advertising, market research, management and other consultancies, veterinary science, and professional photography.

The sub-sector consists of these industry groups:

  • Legal services.
  • Accounting, tax preparation, bookkeeping, and payroll services.
  • Architectural, engineering, and related services.
  • Specialized design services.
  • Computer systems design and related services.
  • Management, scientific, and technical consulting services.
  • Scientific research and development services.
  • Advertising and related services.
  • Other professional, scientific, and technical services.

The services sector, with around 52 percent contribution to the Gross Domestic Product (GDP) in 2014-15, has made rapid strides in the past decade and a half to emerge as the largest and one of the fastest-growing sectors of the economy. The services sector is not only the dominant sector in India’s GDP but has also attracted significant foreign investment flows and contributed significantly to exports as well as provided large-scale employment. India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction. Insurance solutions for professional, scientific and technical activities is required in case of any unfortunate incidents. Insurance policy for Professional, scientific and technical activities helps to improve your business practice in order to reduce business risk and ultimately prevent any issues that could give rise to a loss.

Desired Insurance Policy Product for Professional, scientific and technical
activities entities in sector:

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