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Journalism of Courage
While the country’s manufacturing sector may be going through a rough patch, it is select service sector segments which have recorded a 10-20 per cent growth during April to November this year, said a survey. Of the 31 service sector segments, 12 have shown a ‘high’ to ‘excellent’ growth rate ranging between 10 per cent to over 20 per cent during the stated period. However, it is a significant drop from the previous year, 2007-08, when 26 segments of the services sector recorded this order of growth.
According to a survey carried out by industry chamber Federation of Indian Chambers of Commerce and Industry, the slowdown is expected to make a further dent in the growth of some segments of the services sector, given its overall contribution of 63 per cent to the GDP. At the same time, the services sector growth is expected to help maintain a healthy GDP growth this fiscal.
According to the FICCI Services Sector Survey, wireless subscribers grew by 50 per cent in April-November 2008 compared with the corresponding period of the previous year. Internet subscribers grew by 26 per cent as compared to 20 per cent in the corresponding period in the previous year, and broadband subscribers grew by 87.7 per cent over 23.6 per cent last year.
High growth areas this April-November are railway revenue earning passenger traffic with 12.2 per cent , revenue earning railway freight traffic with 15.7 per cent, franchising with 10 per cent, exchange earnings from foreign tourists with 16.5 per cent, housing finance with 12 per cent, entertainment and media Industry with 10 per cent.
Meanwhile, sectors that have recorded negative growth rates include air passenger traffic, domestic air passenger traffic, fixed line subscriber, assets mobilized by mutual funds and assets under management and insurance premium.
