Services Sectors

China's services activity expansion eases in November, shows PMI data

The Caixin/S&P Global services purchasing managers' index (PMI), released on Wednesday, fell to 51.5 from 52.0 in October

China's services activity expands further, external demand slows: PMI data

The world's second-biggest economy grew much more slowly than expected in the second quarter

Ministry of Defence holds first tri-service conference 'Parivartan Chintan'

The conference aims to achieve enhanced jointness and integration among the army, navy, and air force

Goods & services exports marginally up at $765.6 bn in 2023: Govt

The country's exports of goods and services rose marginally by 0.4 per cent to USD 765.6 billion in 2023 despite global economic uncertainties, according to the commerce ministry data. Sectors which helped keep India's exports afloat include electronics, pharmaceuticals, cotton yarn, fabrics and made-ups; ceramic products, meat, dairy and poultry products, fruits and vegetables and information technology. Goods exports in the last calendar year, however, contracted by 4.71 per cent to USD 431.9 billion while services exports are estimated to have risen by 7.88 per cent to USD 333.8 billion, the data showed. The merchandise imports also dipped by 7 per cent to USD 667.73 billion last year as against USD 720.2 billion in 2022. The latest data for the services sector released by the RBI is for November 2023. The data for December 2023 is an estimation by the ministry. The main export destinations for India are the US, the UAE, the Netherlands, Bangladesh, the UK and Germany. Goods .

India, UK next round of talks for proposed free trade agreement from Wed

The next round of talks for the proposed Free Trade Agreement (FTA) between India and the UK will start here from Wednesday to resolve remaining issues and conclude the negotiations, an official said. The 13th round of negotiations for the proposed pact was held between September 18 and December 15. "The UK and India will continue to negotiate towards a comprehensive and ambitious FTA. The 14th round of negotiations will take place here from Wednesday," the official said. These negotiations would focus on complex issues in the areas of goods, services, and investment. Issues that are pending include duty cuts on electric vehicles, whiskey, and the movement of professionals. Talks are also progressing on the proposed Bilateral Investment Treaty (BIT). India and the UK launched the talks for an FTA in January 2022 with a view to boost economic ties between the two nations. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property

India's services exports rise 10.8% to $28.03 bn in Oct, imports fall 0.4%

Data released by the government last month showed services exports in October were $28.70 billion, while imports were $14.32 billion

Services exports climbed 8.4% to $28.72 billion in August: RBI data

The RBI's numbers are provisional, but further updated, and final figures are usually published quarterly as part of the country's overall balance-of-payments data

India, UK seeking equal treatment for services sector cos under FTA

India and the UK are seeking equal treatment in each other's market for their respective companies engaged in the services sector under the proposed free trade agreement, which is under negotiations, a government official said. The two countries are looking at promoting trade in services through this agreement, negotiations for which was launched on January 13, 2021. As many as ten rounds of talks have been completed till June this year and both sides are aiming to conclude the negotiations at the earliest. In the services sector, the official said the UK is showing keen interest in areas such as financial sectors, while India is looking at areas such as education and movement of skilled professionals. Under the services chapter of the free trade agreement, there are no customs duty concessions given to each other. The two trading partners negotiate issues like giving national treatment to Indian and British companies in different sectors and ease norms to promote trade in service

We continue to maintain an open-door policy for partners: Urban Company

The firm also disbursed stock options worth Rs 5.3 crore to about 500 partners as part of the Partner Stock Option Plan initiative towards wealth creation commitment

STRI: India rises on OECD index, still ranks fourth from the bottom

The 2022 STRI reflects restrictions that apply on key strategic services sectors such as rail freight transport, legal services and accounting, OECD said

India's services activity rises to 59.2 in June, highest in 11 years

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

Services activity at 11-year high in May on post-Covid business growth

The S&P Global India PMI rose to 58.9 in May from 57.9 in April, the highest since April 2011

Omicron spread: Night curfews may affect services sector recovery

During the first wave of the pandemic in 2020, a contraction in the services sector was sharper than in manufacturing and took seven months to return to expansion territory.

Bank credit grows 5.52% to Rs 102.2 trn in fortnight ended Aug 14: RBI data

Credit to the services sector continued to grow at a robust, albeit decelerated, rate at 10.7 per cent in June 2020 vis-a-vis 13 per cent in June 2019

Service PMI hits 7-year high in Jan on favourable market. business optimism

The IHS Markit India Services Business Activity Index rose from 53.3 in December to 55.5 in January, signalling the strongest upturn in output in seven years

Solid domestic demand lifts services PMI to 7-year high of 55.5 in Jan

he Nikkei/IHS Markit Services Purchasing Managers' Index rose to 55.5 in January from December's 53.3

Services activity falls to 48.7 in Sep; second contraction this year: PMI

India's economy has been hobbled by a demand slump, prompting policymakers to step up fiscal and monetary stimulus to revive growth

India's services PMI hits a year's high in July on new business orders

In PMI parlance, a print above 50 means expansion while a score below that denotes contraction

Govt announces Rs 50 bn fund to jumpstart growth in 12 key services sectors

Export competitiveness and job creation in IT, logistics, hospital and other sub-sectors targeted