Service Sector (View Of Economic Survey)

The Union Minister for Finance Nirmala Sitharaman presented the Economic Survey 2021-22 in Parliament.

GVA of services crossed pre-pandemic level in July-September quarter of 2021-22; however, GVA of contact intensive sectors like trade, transport, etc. still remain below pre-pandemic level.

Overall service Sector GVA is expected to grow by 8.2 percent in 2021-22.

During the first half of 2021-22, service sector received over US$ 16.7 billion FDI – accounting for almost 54 percent of total FDI inflows into India.

IT-BPM services revenue reached US$ 194 billion in 2020-21, adding 1.38 lakh employees during the same period.

Major government reforms include, removing telecom regulations in IT-BPO sector and opening up of space sector to private players.

India has become 3rd largest start-up ecosystem in the world after US and China. Number of new recognized start-ups increased to over 14000 in 2021-22 from 733 in 2016-17.

44 Indian start-ups have achieved unicorn status in 2021 taking overall tally of unicorns to 83, most of which are in services sector.

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