Now a days India is being posed as the most potential and growing economy of the world not only in terms of market size but also in terms of technology up gradation. In 1950 when Indian republic status was declared the economy was characterized by legacy and imprints of colonial gesture. In view of the need of planned economy, the govt. initiated process of planning through five years plans with establishment of planning commission in 1952 followed by National Development Council (NDC). The purpose of planning was to identify, generate & distribute the available resources (physical, natural & financial) in equitable manner for the ultimate upliftment of the society in consonance with the constitutional mandate of providing a social list pattern of society. Despite various hurdles on political, economic, social & technological fronts we are able to sustain our growth trajectory during last 60 years of republic. While evaluating the performance & contribution of Service Sector in Indian economy, the transformation of world trade with the emergence of WTO and its impact on the trade pattern and behaviour in context of India has to be judged. Though all three sectors of economy have seen tremendous growth and contributed to the GDP during the last sixty two years, the growing importance of service sector particularly in the aftermath of reforms is a sign of India‘s being projected as superpower of future.