Page 2 - India Services Sector

India's services exports rise 10.8% to $28.03 bn in Oct, imports fall 0.4%

Data released by the government last month showed services exports in October were $28.70 billion, while imports were $14.32 billion

India needs to focus on manufacturing to achieve 7-7.5% growth: CEA

India needs to focus on the manufacturing sector to achieve sustained growth of 7-7.5 per cent until 2030, Chief Economic Advisor V Anantha Nageswaran said. In an S&P Global report titled 'Look Forward: India's Moment', Nageswaran said that manufacturing should be a key growth area given the country's comparative advantage in terms of skilled labour, improved physical infrastructure, well-established industrial ecosystem and large domestic market. As regards the services sector, he said the composition should change in favour of high value added services as this would improve earnings by attracting foreign demand. "The Indian economy, in real terms, needs to grow annually at 7-7.5 per cent until 2030... The share of manufacturing in total gross value added has to increase from 16 per cent at present to at least 25 per cent of GDP at the expense of agriculture and low value added services," Nageswaran said. He further said the investment rate (gross fixed capital formation/GDP) ...

May services PMI at 61.2 as demand remains resilient amid rising inflation

India's headline figure has been in the expansion zone for 23 months straight since August 2021

Initial field work for annual survey of services sector begins for 2022-23

However, the survey itself may not come up before the end of 2024

Economic uptick boosts credit offtake beyond 20% in retail, services

The rise in credit was largely driven by housing and vehicle loans segments

Three-fourth employers in services sector willing to hire: TeamLease

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

India's services activity rises to 59.2 in June, highest in 11 years

Unrelenting inflation continued to worry businesses that were cautiously optimistic about the year-ahead outlook for business activity

India's services sector expands at fastest pace so far this year in March

The S&P Global India Services Purchasing Managers' Index rose to 53.6 in March from 51.8 in February, beating the 52.5 estimate in a Reuters poll.

Will a services exports-driven economic growth strategy work for India?

While Covid hit services exports harder than manufacturing, the share of the former in global services exports seems to support the call experts have made in favour of the sector

India's services activity remains strong in Sept, firms hire more employees

The IHS Markit Services Purchasing Managers' Index eased to 55.2 in September from August's 18-month high of 56.7, but stayed comfortably above the 50-mark separating growth from contraction.

Need assurance from India on investment protection: UKIBC's Richard Heald

In a Q&A, UKIBC's group chair lists out three areas that need focus - tariff reduction in some sectors, removal of non-tariff barriers on goods, and aligning data protection rules

Covid-19 crisis: Services activity shrinks for first time in 8 months

Firms cut jobs at fastest pace in 6 months as local lockdowns hurt demand

India's services growth slowed to 3-month low in April, input costs soared

Growth in India's dominant services sector eased to three-month low in April but remained unexpectedly resilient even as Covid-19 crisis intensified and cost pressures rose at fastest pace in 9 years

India's recession exit gains momentum on services, manufacturing

Official data on Friday is likely to show that India exited a recession in the final three months of 2020, with economists in a Bloomberg survey forecasting a GDP expansion of 0.5% from a year ago

Finmin pins hope on vaccine drive for robust recovery in services sector

GDP contraction of 7.7% is much smaller than expected, DEA says

RBI meet, PMI data, companies' earnings to guide market this week: Experts

At the start of the week, the market will also take cues from July auto sales numbers which signal a recovery in the sector hit hard by Covid-19

June services activity shrinks for fourth month in a row; PMI at 33.7

Services sector remains in deep downturn as job losses continue

Covid-19: India's services PMI improves from April lows to 12.6 in May

Services activity in the country has suffered a lot amid back-to-back nationwide lockdowns to prevent the spread of coronavirus.

Top headlines: MPs take 30% salary cut, service sector activity contracts

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PMI: India's services sector growth hits 7-year high of 57.5 in February

Exports zoom but job growth at 3-month low