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India
07.05.24 10:30
Economics

India's service sector confidently starts the first quarter of 2024-2025

Business in India continues to grow

The Indian services sector has confidently started, and India's business sector is still expanding. This was reported by ANI, a partner of TV BRICS.

Both new business and output growth were robust, ranking among the strongest in the previous 14 years.

The companies observed new business growth in multiple regions of the world in addition to strong domestic demand, which collectively formed the foundation for the second highest growth in foreign sales.

Overall, more new orders were placed, and at a faster rate than exports. The overall increase in sales was robust, exceeding the average growth rate for the past 14 years.

Compared to March numbers, new export orders indicated a little slowdown, despite the fact that they were still high. Companies increased their workforce in reaction to the surge in new orders, but the rate of hiring growth decreased.

According to the source, service providers' overall confidence in the outlook for the upcoming year has significantly increased, aided by stable demand conditions.

The data shows that India's service exports grew by 4.4 per cent to US$339.62 billion in the fiscal year just ended (2023-2024).

The number of services offered in digital format has increased during the previous ten years, which generally refers to remote services delivered over computer networks.

In 2023, India came in third place among the top 10 nations that export services, behind only Singapore and Ireland in terms of compound annual growth rate (CAGR).

Photo: iStock

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