India's services sector News

To cater to greater output requirements, service providers hired more for the second month in succession, but the rate of job creation slowed from September.

The study finds that not only did the family firms withstand the new rush of competitive forces in the economy, but also adapted to the changing business environment.

However, software services exports, accounting for around 45.2 percent of total services, declined though marginally by 0.7 percent, it added.

India's services sector activity witnessed a significant uptrend and touched a three-month high in July, backed by strong business inflows as underlying demand conditions remained firm, according to a monthly survey.

Growth in India`s services sector slowed to a seven-month low in June as new orders continued to soften, a business survey showed on Tuesday.

Growth in India's services industry slowed sharply in May to a six-month low, due to a deceleration in new orders, a business survey showed on Friday.

Private sector activity in the country registered a significant uptrend and surged to a 37-month high in March, driven by marked increase in new business orders, a monthly survey said Wednesday.

The decline in business sentiment throughout 2015 casts some doubt over the sustainability of growth in India.

Growth fell from October's eight-month high of 53.2 to 50.1 in November.

About 55 percent of India's population is already working in the services sector but the country has to aim to bring this to 80-85 percent of the population.

India has the means and the potential to become a global hub for services with competitive pricing, and become a major source of job creation for millions of youth in the country, Finance Minister Arun Jaitley said here on Saturday.

Technology has made sectoral FDI caps irrelevant, Finance Minister Arun Jaitley on Saturday said while asking service providers to exploit the inherent potential to become more competitive globally.

Prime Minister Narendra Modi will inaugurate a three-day global exhibition on services starting Thursday to showcase India's strength in the sector and provide platform to the industry to explore business opportunities.

To make India's services sector more competitive, government is working on reform measures in areas like legal and healthcare and will soon finalise a Cabinet note on that, a top official said Tuesday.

Services exports rose 5.3 percent to USD 12.94 billion in September this year compared to the same month last year.

India's services sector registered the third consecutive month of expansion in July, but the pace of growth was significantly down from the previous month due to moderation in order flows, an HSBC survey said.

India's private sector output witnessed significant uptrend in June as both manufacturing and services sector registered solid rate of expansion, driven by robust order flows and stronger business sentiment, an HSBC survey said on Thursday.

Activity in India`s services sector grew at its fastest pace in well over a year in June.