The global financial turmoil is now worsening the Indian economy after October this year; however, service sector has shown moderation in growth figure between April and November, according to the FICCI Services Sector Survey.
Despite economic slowdown, 12 out of 31 service segments have registered ‘high’ to ‘excellent’ growth rate ranging between 10% to over 20% during the said period, added FICCI.
The strong contribution of ‘these’ service segments have helped India to maintain a healthy growth rate as service sectors contributes 63% in Gross Domestic Product (GDP) of India, informed FICCI.
Indian Telecom sector emerged as the biggest contributor by marking a significant growth rate in broadband, mobile and Internet subscription services. The broadband subscription grew up by 87% as against last year’s 23.6%; the mobile subscription increased by 50% as against previous fiscal’s 58%, while internet subscription registered a growth figure of 26% in comparison to previous year’s 20%.
Among other major achievers, Indian Railways, IT software services, organised retail trades, franchising, forex earnings through tourists, education, housing finance, and media & entertainment sectors have also registered 10 to 20% growth rate.
Indian Railways, the biggest revenue earners among these, have recorded 12.2% growth in passenger traffic (as against 14% last year) while revenue through freight has increased to 15.7% as against 14% in the last fiscal.
IT software services have also shown moderation in growth but managed to grow with positive figures by marking a growth rate of 15 per cent while it was 33% growth rate in the last fiscal.
Besides, Forex earnings from tourist grew by 16%, housing finance by 12%, organised retail trade by 15% and entertainment & media industry by 10%. The cargo services through road, rail and port have registered a single digit growth, reported FICCI.
Meanwhile, sectors like airlines, insurance, mutual fund, and fixed line subscriber have witnessed sharp decline. A large number of fixed phone connections have been disconnected this year due to massive growth rate in mobile phone consumers.
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