Services sector growth gains momentum

NEW DELHI, INDIA: The growth momentum of the services sector in India has increased during April–October 2009, compared to the same period during 2008, says survey by CII.

The report said that around 12 per cent of the sectors covered, have registered excellent growth rate more than 20 per cent in April–October 2009 compared to 12.5 per cent in April – October 2008.

The survey was conducted across 33 industry verticals, with responses coming from more than 350 services-related industry associations, organizations and companies in both the private and public sectors, said a press release.

Out of 33 sectors covered during the period, mobile and wireless and financial services related to asset management rose more than 20 per cent, while many sectors including IT, media and entertainment grew at a lesser pace, between 0 to 10 per cent.

On the other hand, sectors like fixed line telecom and international air freight declined.

While wireless subscriber growth rate stood at 50 per cent during the period, compared to 49.94 per cent in the year-ago period, wireline subscribers sector registered a negative growth of -2.53 per cent, compared to -3.0 previous year. Broadband subscribers grew by 46.53, as against 87.73 during April-October 2008, revealed the CII Survey.

The positive and higher growth trend has also been confirmed by the fact that the share of the sectors registering high growth rate of 10 to 20 per cent has increased to 30.30 per cent in April-October 2009 from 24.20 per cent in April-October 2008.

Though the share of the sectors recording moderate growth rate of 0 to 10 per cent has declined slightly from 51.52 per cent to 48.50 per cent, the share of the sectors recording negative growth rate has also declined to 9 per cent in April-October 2009 from 12 per cent in April-October 2008 which reflect signs of improvement and growth, the release added.

“Timely action taken by RBI and the Government in terms of stimulus packages have fuelled growth across major segments of services sectors” said Chandrajit Banerjee, Director General, CII.

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