Services Sector

As demand slows, PMI services growth hits a ten-month low in September

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

Slowdown in business activity pulls flash PMI to its lowest levels in 2024

The rise in employment in the service sector was the steepest since August 2022

Govt aims to make India attractive for manufacturing, services: Sitharaman

Union Finance Minister Nirmala Sitharaman on Saturday said the Centre has tailored policies to make India an attractive destination for manufacturing and services, and the aim was to produce not just for the domestic market but for exports as well. She was responding to a query on American tech billionaire Elon Musk postponing his meeting with Prime Minister Narendra Modi. "Policies have been made to attract investments. We want manufacturers and investors to come and produce not just for India but also for exports. We will try to attract manufacturers and investors through policies," she told reporters. Tesla CEO Musk on Saturday said his visit to India has been delayed due to the company's heavy obligations. "When big companies show interest to come to India, we will do everything to make it attractive for them to come and invest. In that process, if there is anything to discuss, we will certainly discuss. But whatever we have done, we have done it through policy," Sitharaman ...

US services sector gauge picks up in Nov on improved business activity

The business activity index, which parallels ISM's factory output gauge, climbed in November after posting the biggest drop this year in the prior month

China's factory and services activity shrinks in sign of recovery woes

The official manufacturing purchasing managers index fell to 49.4, the second straight month of contraction, according to a Thursday statement from the National Bureau of Statistics

August PMI services comes at 60.3 on strong order book; output elevated

Services firms indicated the sharpest upturn in new export business since S&P Global services PMI started in September 2014

Services sector to drive GDP growth to 4.9% in Q4 FY23, says Icra

Domestic rating agency Icra expects GDP growth in January-March period of 2022-23 at 4.9 per cent, a modest step-up from the 4.4 per cent recorded in preceding quarters, driven by the services sector. The National Statistical Organisation (NSO) is scheduled to release the provisional estimate for the GDP growth for the fourth quarter as well for the fiscal 2022-23 on May 31. Icra estimates the services gross value added (GVA) year-on-year growth to have risen mildly to about 6.4 per cent in Q4 FY23 from 6.2 per cent in Q3 FY23. The YoY performance of nine of the 14 high frequency indicators of the services sector improved in Q4 FY23 relative to Q3 FY23, partly reflecting the robust demand for the contact-intensive segment, as well as the low base of Covid 3.0 for some sectors such as aviation, it said in a release. Aditi Nayar, Chief Economist, Head-Research and Outreach, Icra, said that economic activity in fourth quarter of FY23 remained uneven, with domestic demand for services

Thomas Cook India's Q4 total income rises 150% to Rs 1,300 crore

The Group's operating Ebitda grew significantly to Rs 270 crore for the full financial year 2022-23 (FY23) against a loss of Rs 120 crore in FY22

India services growth slows down in March after 12-year high in Feb

No change in employment seen neither in services nor in manufacturing, says PMI survey

Manufacturing, services sector log 8.27% attrition in Q3: Report

The average attrition rate across manufacturing and services industries increased sequentially to 8.27 per cent in the October-December quarter, a report said on Monday. With a continuance of the 'Great Churn', attrition across industries witnessed a 0.46 percentage point increase from an average of 7.81 per cent in the second quarter to 8.27 per cent in the third quarter, according to TeamLease "Employment Outlook Report". The report is forward looking statistics for 'Intent to Hire' for January to March 2023, for both manufacturing (nine industries) and services sectors (14 industries), which is based on a survey of 874 small, medium and large companies. The report revealed that the Information Technology industry in the services sector had higher average attrition (27.19 per cent) compared to Healthcare and Pharmaceuticals industry in the manufacturing sector (15.67 per cent). It found that healthcare and pharmaceuticals industries saw double digit attrition rates (15.67 per ce

As manufacturing sector disappoints, FDIs chase services sector: Ind-Ra

Despite the Narendra Modi government's high-octane push to boost manufacturing through the 'Make in India' initiative, foreign investors continue to chase bets in the services sector, a domestic rating agency said on Wednesday. India Ratings and Research also said a bulk of the foreign direct investment (FDI) in manufacturing is not greenfield or fresh investments which should otherwise be the aspirational aspect. despite the government's effort to attract more investments in the manufacturing sector through 'Make in India' campaign, the FDI inflow is still tilted in favour of the services sector, the rating agency said. this could be because doing business in the services sector is less complicated than doing business in the manufacturing sector in India, the agency, an arm of Fitch Ratings, said. It said services sector FDI increased to USD 153.01 billion in the services sector during April 2014 to March 2022 from USD 80.51 billion during to April 2000 to March 2014, while the ..

77% service sector firms keen on hiring new employees in Q4: Report

79% employers willing to hire graduates and entry-level employees in country

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

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

Majority of employers in services sector keen to hire in Q3: Report

A majority of employers in the services sector are keen to expand their workforce in the third quarter of this fiscal, according to a report. Around 73 per cent of employers are eager to increase their resource pool this quarter, according to TeamLease Services 'Employment Outlook Report for Q3 (October to December 2022) for the services sector. The 'TeamLease Employment Outlook Report' is based on a survey of 579 service companies in 14 cities across the country. The report further stated that in the services segment, the key sectors expressing a higher intent are information technology (96 per cent), educational services (95 per cent), e-commerce and allied start-ups (92 per cent), telecommunications (90 per cent), retail (79 per cent), financial services (78 per cent) and logistics (75 per cent). As the demand for services has increased post the pandemic, large firms (79 per cent), medium-sized firms (45 per cent) and small firms (57 per cent) have all mustered a strong hiring .

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 unemployment rate of 6.4% in September is the lowest in four years

It was rural India that made the bigger con­tri­bution to the turnaround in labour conditions

Bengaluru most promising for job seekers in services sector: Report

According to the 'Employment Outlook Report' by TeamLease Services, 61 per cent of employers of India Inc. were keen to hire during the period, growing by 7 per cent compared to last quarter

Department of Commerce to overhaul export scheme for services sector

The scheme is expected to be a part of the new foreign trade policy expected to be rolled out by the Directorate General of Foreign Trade next month, said people in the know

India's services PMI at 4-month low of 55.5 in July amid high inflation

The domestic market remained the key source of sales growth as international demand for Indian services worsened further, the survey said

Indian economy gains momentum on pent-up demand after reopenings

The upturn in recovery of Indian economy was fueled by an expansion in services activity and a robust growth in core infrastructure industries