Service sector

According to an economic study, the gross value added of the services sector is expected to increase by 8.2% in FY22

The services sector has contributed over 50% of India’s GDP, pointed out the 2021-22 economic survey which was tabled by Union Minister of Finance and Trade, Smt. Nirmala Sitharaman in Parliament today.

The survey also noted that the services sector recorded a steady recovery in the first half of the current fiscal year. Overall, the services sector grew by 10.8% year-on-year (YoY) in the first half (H1) of 2021-22, the Survey shows. Overall service sector GVA is expected to grow by 8.2% in 2021-22, although the spread of the Omicron variant brings some degree of near-term uncertainty, particularly in segments that require human contact, points out investigation.

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