Page 2 - Service Sector

India's services PMI falls to 58.5 in June, lowest in three months

Combined with manufacturing, output prices across the private sector increased at the sharpest pace in over a decade

'In-country renewal of H-1B visas by US to boost India's services exports'

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 Inc offers higher stipends to apprentices, shows TeamLease report

TeamLease on Tuesday released its 'Stipend Primer Report' for FY22, which suggests that a 2% increase was witnessed in 2022 in average stipend payouts, as against the previous fiscal

April services activity hits near 13-year high as inflation accelerates

Finance and insurance record strongest increase in output, says S&P Global's PMI survey

India's services PMI rises for 20th consecutive month but lower than Feb

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

Hiring intent for manufacturing, services sector up 10% in Q1FY24: Report

Even as there is an ongoing global turmoil, hiring intentions in services and manufacturing sectors for the first quarter of 2023-24 are 10 per cent more than the year-ago period, a report said on Tuesday. According to the TeamLease Services' 'Employment Outlook Report' for the Services and Manufacturing sectors for Q1, FY24, despite the ongoing global turmoil, hiring intent in India has steadily increased over the past year. In comparison to the same quarter in the previous year (April-June 2022-23), hiring intentions in the services and manufacturing sector in the first quarter of FY24 is 10 per cent higher as close to 64 per cent of employers the employers interviewed said they are keen to increase their resource pool across industries. However, compared to the fourth quarter of FY23, the hiring outlook has witnessed a dip of 4 per cent. The TeamLease Employment Outlook Report for the Services and Manufacturing sectors is based on a survey of 809 small, medium and large companie

India's export cushion

Rising services surplus is likely to offset the goods trade deficit in the short and medium term

Service sector continues to drive Mizoram's economy with 50% share in GSVA

The tertiary or service sector continues to drive Mizoram's economy with a lion's share of 50.08 per cent of the Gross State Value Added (GSVA) being contributed by the sector, according to the Economic Survey of Mizoram 2022-2023. The Economic Survey presented by Chief Minister Zoramthanga in the Assembly on Tuesday said that the Gross State Domestic Product (GSDP) has been continuously growing over the years at an impressive rate. The GSDP at constant prices (2011-12) is expected to attain an amount of Rs. 19,036.83 crore in 2021-22 against the estimate of Rs 16,969.85 crore for the year 2020-21 showing a growth of about 12.18 per cent over the previous year. Whereas the GSDP at current price registered an increase of 15.25 per cent over the previous year, it said. The GSDP at current price is estimated at Rs 28,480.10 crore in 2021-22 as against Rs 24,712.26 crore in 2020-21. The GSVA at constant (2011-12) prices has clocked a 9.43 per cent average annual growth rate during ...

China's services activity shrinks in Dec as surging Covid cases hit demand

The Caixin/S&P Global services PMI rose to 48.0 in December from 46.7 in November, but remained below the 50-point mark, which indicates contraction in activity, for a fourth straight month

Jammu & Kashmir tops scheme to assist microenterprises, shows govt data

Under the central sector scheme notified in 2008, 62,808 jobs were created by 7,851 assisted projects in Jammu & Kashmir till November 30 this year

Over 7 in 10 employers keen to hire in services sector in India: Report

The first three months of 2023 projects a strong outlook, especially for fresh graduates and entry-level employees, with 79 per cent employers willing to hire from this cohort

Growth in India's services sector quickens in Oct, PMI edges up to 55.1

The rate of inflation outpaced its long-run average, suggesting no respite from higher cost pressures in Asia's third-largest economy

Service sector may be included in the Wholesale Price Index soon: Report

A government panel headed by Niti Aayog's Ramesh Chand is finalising the changes in the WPI to include 60 per cent of the economy for the first time

Ahead of festive season, retail credit growth nears 20% in August

Credit growth to the services sector accelerated to 17.2 per cent in August 2022 from just 2.1 per cent a year ago. It was mainly due to improved credit off-take to NBFCs and trade sectors.

Global contact centre as service market to reach $16 billion by 2027

The global contact centre-as-a-service (CCaaS) market revenue is likely to reach $15.6 billion by 2027, from $4.9 billion this year, a report showed on Monday

Wall Street rises on tech, earnings boost as recession fears ease

US service sector unexpectedly picks up in July; PayPal rises after bumping annual profit outlook; Apple gains 3.5%, Microsoft adds 2.7%; Moderna jumps on $3 bn share buyback plan

India Inc's skill scarcity could impact the IT & services sector?

The services sector contributes to more than 50% of the country's GDP. Could the skill shortage in the sector run up against recovery in these sectors? Let's delve into the details.

Hinduja group's UK firm bags health agency contract worth GBP 211 mn

HGS UK will provide customer support to UK citizens for two years, with an option to extend the contract

Nearly half the loans under ECLGS went to services sector, traders

Together, the two sectors account for over Rs 91,000 crore worth of govt-guaranteed loans out of a total of Rs 1.98 trillion

Japan business confidence improves in Q2 to 2-1/2-year high: Tankan

Service-sector sentiment also turned positive for the first time in five quarters, suggesting that the economic recovery was broadening