India’s service sector growth pumps up at 18 months high

The service sector in the country is expanding at a fast pace amid a strong influx of new works and improved demand conditions, an independent study survey reported.

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India’s service sector growth pumps up at 18 months high

The service sector in the country is expanding at a fast pace amid a strong influx of new works and improved demand conditions, an independent study survey reported. The Indian service sector has bounced back due to wide coverage of inoculation, leading to a rise in the confidence of recruiters. For the month of August, India Services Business Activity Index rose to 56.7 percent from 45.4 percent of the previous month. 

 

The substantial growth in the manufacturing sector, the opening of markets across the country, and the footfall of buyers are some of the crucial drivers that boosted the services sector after facing tremendous set back by the pandemic. The service sector had been badly affected by the outbreak of the pandemic and extensive curbs imposed to prevent the virus forced the businesses to remain shut. 

 

India’s service sector however moderated to 2.5 percent in 2019-20 from 6.6 percent in 2018-19. During the last fiscal year, the contraction of global demand for services had poised a negative impact on India and as a result, India’s service export dipped by 7.87 percent in the first half of 2021-22 as compared to 6.6 percent growth of the previous year. 

 

The August data for the service sector pointed to the increased participation of private sector activities from recruiting personnel to expanding businesses across the country. 

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India’s service sector growth pumps up at 18 months high
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The service sector in the country is expanding at a fast pace amid a strong influx of new works and improved demand conditions, an independent study survey reported.
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THE POLICY TIMES
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