Global economy is still in doldrums as many battered developed countries are still worried about a double-dip possibility. The sub-prime crisis that first hit the U.S economy spread globally to weaken many developed and emerging economies. Among nations that were less affected, India looks prominent, thanks to its highly resilient domestic economy characterized by high saving and investment rates and a dynamic service sector. Even in 2008-09 when the world financial system was stumbling in the aftermath of the global financial crisis, India’s Gross Domestic Product (GDP) growth was relatively lower at 6.8 percent, propped up by service sector that grew at 10.1 percent, contributing 56.4 percent of the country’s GDP. In the same year, service sector’s subcomponents, “finance, insurance, real estate and business services� and “community and personal services� expanded living12.5 percent and 12.7 percent respectively. According to the Prime Minister’s Economic Advisory Council (EAC), the growth rate of service sector in the last few years (2007-2011) has been a robust 10 percent. Structural Changes Among major economies, India is the fastest growing economies in the world after China. However, one aspect of economic growth that sets India apart is the way in which the structural changes have taken place. General economic growth theories and history support the hypothesis that when an economy develops, it transforms from being an agrarian into an industrial economy and continues to get industrialized till it reaches a stage of development when its share of industry sector declines and its share of services increases.