India's Service Sector

Commerce and Industry Minister Piyush Goyal on Tuesday called for examining services sector trade data as it would help stakeholders make the best decisions. While launching the Trade Intelligence and Analytics (TIA) Portal here, he said the industry should increase utilisation of free trade agreements (FTAs). The portal will help exporters better utilise the Free Trade Agreements, the minister said. "At some point, services data needs to be also examined. Currently it's a black box. There is hardly any validated decent level of analysis of services data," he said here. He added that data such as Germany needing 90,000 workers and Europe and Japan requiring a large number of caregivers are not known to people in smaller cities. There are a vast number of opportunities in the service sector globally that will now be available to all, Goyal said. "Only the commerce ministry knows that," he said, adding, "We have to be more transparent" with trade data to help stakeholders make the

It comprised 55% of GDP in FY25 and has 'unprecedented momentum', it says

Indian service providers end Q1 on a strong note, with output and new orders rising at the fastest pace since August 2024, supported by robust international sales & job creation, according to PMI data

India's services exports are registering healthy growth rates and the sector should aspire to reach USD 450 billion in exports, overtaking merchandise shipments, in the next financial year, Commerce and Industry Minister Piyush Goyal said on Thursday. The goods trade is facing headwinds in the current global situation, he added. The services sector should be targeting USD 450 billion in exports in 2025-26 and about USD 385-390 billion this fiscal, he said here while addressing the Inaugural Session of Nasscom Global Confluence 2025. "You should overtake merchandise exports next year," Goyal said, adding that "as I see the figures coming in, and the growth has been scorching in the services side". In 2023-24, the services exports stood at USD 341 billion, an increase of 4.85 per cent over the previous year. In April-February 2024-25, the services exports increased 14.1 per cent to USD 354.9 billion. On the other hand, goods exports contracted 3.1 per cent year-on-year to USD 437 .

Overall new business continued to increase strongly as companies report rise in costs, it says

November Service PMI: The hiring surge was driven by improving business confidence, rising new orders, and strong international demand in the sector

The Survey also talked about positive transformations in the regulatory landscape of the service sector which have helped in creating a conducive business environment

The manufacturing index showed bigger gains to 58.5 from 57.5 in May while the dominant services industry's reading rose slightly to 60.4 this month from 60.2

According to the HSBC India Services PMI, new business placed with Indian service providers increased at the fastest rate in six months during January

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In October, there were faster increases in input costs and output charges, with rates of inflation outpacing their respective long-run averages

September's expansion in output was associated with effective marketing, favourable demand conditions and strong influxes of new business

The US announcement to introduce in-country renewable of H-1B visas will help swift movement of Indian IT professionals and promote services exports, SEPC said on Wednesday. Services Export Promotion Council (SEPC) said that the decision would allow easier on-site client engagement by domestic IT professionals. "When Indian IT professionals can quickly travel to client locations abroad, they can better understand client requirements, build stronger relationships, and deliver tailored solutions. This direct engagement can lead to increased client satisfaction, repeat business, and ultimately, higher IT exports," SEPC Chairman Sunil H Talati said. He said that as the US is the major market for India's IT exports, this development will have a significant positive impact on the export of IT services from India. "The earlier estimates for IT exports growth have been in the range of 8-12 per cent however with this particular push the exports growth in IT can further stride in the range o

India's services sector growth accelerated in April, as strong demand conditions resulted in the fastest increase in new business and output in close to 13 years, a monthly survey said on Wednesday. The pick-up in demand occurred in spite of escalating price pressures. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 57.8 in March to 62.0 in April, signalling the fastest expansion in output since mid 2010, amid a pick-up in new business growth and favourable market conditions. For the 21st straight month, the headline figure was above the neutral 50 threshold. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. "India's service sector posted a remarkable performance in April, with demand strength backing the strongest increases in new business and output in just under 13 years. Finance & Insurance was the brightest spot, topping the sectoral growth rankings for both ...

In February, the service sector PMI was at a 12-year high of 59.4

Strong demand, easing price pressures amid mild job creation drive index

The S&P Global India Services Purchasing Managers' Index rose from 57.2 in January to 59.4 in February, its highest since February 2011 and considerably above all forecasts

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The hiring boom in India's services sector is likely to continue in the third quarter, with 73 per cent of employers willing to increase their resource pool

The indicators showed sentiment in the services sector -- which accounts for over 50% of the $3.2 trillion economy -- was upbeat, tax revenue were robust and demand for loans high.