India's services sector witnessed a swift rebound in FY22, growing Year-on-Year (YoY) at 8.4% compared to a contraction of 7.8% in the previous financial year, highlighted the Economic Survey 2022-23, tabled by the Union Minister for finance & Corporate Affairs, Smt Nirmala Sitharaman in Parliament today. This swift rebound was driven by growth in the contact intensive services sub-sector which registered sequential growth of 16% driven by the release of pent-up demand, ease of mobility restriction, and near-universal vaccination coverage. India's services sector is a source of strength and is poised to gain more. From low to high value-added activities with export potential, the sector has enough scope to generate employment and foreign exchange and contribute to India's external stability, noted the Survey.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve hit your limit of {{free_limit}} free articles this month, subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
and get complimentary access to
Smart Quarterly
₹900
3 Months
₹300/Months/month
Smart Essential
₹2,700
1 Year
₹225/Months/month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Unlimited access to all articles
30+ premium stories daily, handpicked by our editor
Complimentary Access to The New York Times
News, Games, Cooking, Audio
Wirecutter & The Athletic
Complimentary Access to Our e-Paper
Digital replica of our daily newspaper
Read, save, share any article
Curated Newsletters on Diverse Topics
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Smart Investment Tips
In-depth stock analysis & insights
The Smart Investor for wealth growth tips
Access to Extensive Historical Archives
Repository of articles and publications dating back to 1997
Ad-free Reading Experience
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Repository of articles and publications dating back to 1997