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India's Services Sector Shows Robust Growth in August
29 Oct
Summary
- Thirteen services sub-sectors recorded double-digit growth in August.
- Retail trade saw the fastest growth at 19.9 per cent year-on-year.
- Repair services swung to significant growth after a previous contraction.
In August, thirteen out of nineteen services sub-sectors in India experienced double-digit growth, an increase from ten sub-sectors in July. This indicates a robust expansion in the services sector, which accounts for nearly 60% of India's services output. Retail trade recorded the highest year-on-year growth at 19.9%, followed closely by real estate and repair services, both growing at 17.6%.
Repair services notably swung from a 5% contraction in July to significant growth in August. However, arts, entertainment, and recreation, along with air transport, experienced contractions. Administrative and support services, previously a leader, saw a slowdown in growth rate. The trial Index of Services Production (ISP), with 2024-25 as the base year, provides a high-frequency measure of monthly activity in the sector.
