In present liberalized, privatized and globalised era world economy is characterized as a
service economy due to the increasing importance and share of the service sector in the
economies of most developed and developing countries. All developing nations have invariably
experienced a shift from agriculture to industry and then to the service sector as the main stay
of the economy. This shift has also brought about a change in the definition of goods and
Abstract- Prof. Irma Glicman Adelman, an Irish Economist working in California University at Berkely, in her research work on ‘Development Over Two Centuries’, which is published in the Journal of Evolutionary Economics, 1995, has identified and concluded that India, along with China, would be one of the largest economies in this 21 st Century. She has stated that the period 1700-1820 is the period of Netherlands (Holland), the period 1820-1890 is the period of England, the period 1890-2000 is the period of America and this 21 st Century is the century of China and India.