Services sector may grow by 6 pc in 2013-14: Assocham

Hit by the global slowdown, India's services sector is expected to grow by about 6 per cent during the current financial year, industry body Assocham today said.
"The services sector which contributes over 60 per cent to the country's GDP may expand by about 6 per cent in 2013-14. The spill over from the manufacturing is clearly visible on the important segments of trade, transport and construction" it said in a statement.
It said since the manufacturing sector stays in the negative zone, it has hit the services sector significantly.
Crucial segments such as trade, hotels, restaurant, transport and communication have recorded low growth in the wake of overall slowdown, it said.

However, it expressed optimism that the situation would improve during the next fiscal.
"Weakening of rupee, pick up in the US economy and in some parts of Europe, are retrieving the confidence for India's services exports, which are largely driven by the IT and ITES," it added.
The services sector grew by 6 per cent during the first half of the current fiscal as against 7.3 per cent during the same period previous year.