Services output growth picks up further in Aug
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓India’s services sector output grew by 14% in August, up from 13.5% in July.
- ✓Data showed 11 of 19 tracked sectors grew faster, with retail trade leading at 19.9%.
- ✓Economist Pranjal Ghate said, "Retail trade led the expansion, likely supported by improving consumer demand ahead of the festive season."
Story at a Glance
- Category
- BUSINESS
- Reported By
- Financial Express
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
India's services sector output continued to grow at a robust pace, with 11 of the 19 sectors tracked under the trial Index of Services Production (ISP) growing quicker in August compared to July.
While the Ministry of Statistics and Programme Implementation (MoSPI) does not yet publish overall growth rate for the ISP, economists estimated that the output of the 19 services grew 14% in August, up from 13.5% in July.
Of the 19 sectors under ISP, 13 recorded double-digit year-on-year growth in August as against 10 in July.
The August ISP figures suggest strong momentum in service production, economists said. The services sector is a key driver of economic activity in India. The 19 sectors currently being covered under ISP account for around 60% of the formal services sector.
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