India Services Sector

Salary increments are also projected to vary across industries with engineering design services and auto/vehicle manufacturing budgeting for the highest pay increases

Business confidence leads to 'hiring surge' as input costs rise to the 'greatest extent' in 15 months

For more than three years, the index has stayed above the 50-mark separating expansion from contraction

The survey also noted that pace of job creation was at its strongest in over 18 years

The headline Purchasing Managers' Index (PMI) figure, released by HSBC, slid to 60.8 in April from 61.2 recorded in March

HSBC Bank survey says 'buoyant demand' led to a 'cascade of positivity for the sector'

Grew 16% over a year earlier; current account deficit likely to reduce

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 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) ...

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

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

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

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

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

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.

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

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.

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

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

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