The services story: On India’s success
7 months, 3 weeks ago

The services story: On India’s success

The Hindu  

A deep-dive research report from global investment banking major Goldman Sachs, evocatively titled ‘India’s rise as the emerging services factory of the world’, has captured India’s recent success in providing global services and sought to forecast growth prospects and risks in the medium term. The firm takes a broader view of India’s services exports over the last 18 years, including professional consulting, that have grown the fastest, travel services which have grown the slowest, and financial services that could gain if initiatives such as the GIFT City click. While global services exports tripled over 18 years, such intangible exports from India grew at twice the pace to reach nearly $340 billion last year. While this is slightly lower than the government’s target of $1 trillion by 2030 for both services and merchandise exports, a continuing uptick in high-value services would also drive top-end discretionary consumption and real estate demand, the firm reckoned.

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History of this topic

Goldman Sachs Sees Nifty Reaching 27,000 In 2025, Bullish On Housing, Agriculture, Defence Stocks
3 days, 10 hours ago

Goldman Sachs Sees Nifty Reaching 27,000 In 2025, Bullish On Housing, Agriculture, Defence Stocks

ABP News  

Goldman Sachs India 2025 Outlook: Goldman Sachs has shared its strategic outlook for Indian equities in 2025, highlighting significant growth potential in sectors such as housing, agriculture, defence, tourism, and the rapidly expanding affluent consumer market. We forecast MSCI India earnings growth of 12 per cent, 13 per cent, and 16 per cent for CY 2024, 2025, and 2026, respectively—slightly …

DC Edit | Time to focus on service sector
6 days ago

DC Edit | Time to focus on service sector

Deccan Chronicle  

India’s service exports outstripped merchandise exports for the first time ever in November 2024, according to the commerce ministry’s trade data. After sustained growth beginning from February 2024, service exports stood at $37.6 billion and merchandise exports at $32.1 billion in November 2024. While India is known to export more services than it buys from other countries, the value of …

Morgan Stanley sees Sensex at 93,000 by 2025 end, remains bullish on India’s long-term growth
2 weeks ago

Morgan Stanley sees Sensex at 93,000 by 2025 end, remains bullish on India’s long-term growth

Live Mint  

As the calendar turns to 2025, India's equity market continues to maintain a positive trajectory, buoyed by strong fundamentals and a degree of insulation from global economic turbulence. Despite a 6 per cent correction in Indian benchmarks the Sensex and Nifty from recent highs, triggered by substantial foreign institutional investor sell-offs in October, Morgan Stanley remains optimistic about the country’s …

India's Services Sector Growth Stays Strong, Defies Inflation
2 weeks, 5 days ago

India's Services Sector Growth Stays Strong, Defies Inflation

Deccan Chronicle  

New Delhi: The growth in India’s dominant services sector remained strong in November despite the inflationary pressure for over a decade. As per the survey by seasonally adjusted HSBC India Services Business Activity, the India’s services Purchasing Managers’ Index or PMI was down marginally to 58.4 from 58.5 in October as sales increased at a softer pace. Commenting on the …

India’s services sector growth falls marginally in November
2 weeks, 5 days ago

India’s services sector growth falls marginally in November

Live Mint  

New Delhi: India’s services sector growth fell slightly in November from the previous month, owing to a drop in growth of new orders and output, a survey released on Wednesday showed. The HSBC India Services Purchasing Managers’ Index, compiled by S&P Global, fell to 58.4 in November from 58.5 in October, but was higher than the 57.7 figure reported in …

India’s services sector employment grew at fastest pace since 2005
2 weeks, 5 days ago

India’s services sector employment grew at fastest pace since 2005

Live Mint  

New Delhi, December 4 : India's service sector continued its impressive performance in November 2024, with services sector employment notably grew at the fastest pace ever recorded since this survey began in 2005. Pranjul Bhandari, Chief India Economist at HSBC, said "During November, services sector employment notably grew at the fastest pace ever recorded since this survey began in 2005. …

India well-placed in a post-global world, want to triple business here, says Bain’s top boss
1 month, 1 week ago

India well-placed in a post-global world, want to triple business here, says Bain’s top boss

Live Mint  

Bain and Co. is looking to triple its India business over the next five years given its growing potential in a post-global world, a top executive at the American consultancy said. India is best-placed in an increasingly fragmented world thanks to its demographic dividend, progress on energy security and geopolitical positioning, Bain's new worldwide managing partner Christophe De Vusser said. …

India has become trusted, reliable partner in global supply chain: Piyush Goyal
1 month, 2 weeks ago

India has become trusted, reliable partner in global supply chain: Piyush Goyal

Hindustan Times  

NEW DELHI: India is the most attractive investment destination which has established itself a “trusted and reliable” partner in the global supply chain, commerce and industry minister Piyush Goyal on Friday said adding that the government is looking at setting up a mini Silicon Valley in Goa. FILE PHOTO: Commerce minister Piyush Goyal said India is steadily developing to become …

India's Economic Potential Soars as Global Landscape Shifts
Trending News
2 months ago

India's Economic Potential Soars as Global Landscape Shifts

The Hindu  

India is well positioned to capitalize on new growth opportunities due to its robust macroeconomic fundamentals and strategic shift towards strategic economic partnerships. The country's focus on domestic capacity building and resilience against external shocks will be key to its success. Ms. Sitharaman emphasized India's potential to become a key partner for many countries seeking to diversify their sources of …

Goldman Sachs cuts India’s 2024 and 2025 GDP growth forecasts
3 months, 4 weeks ago

Goldman Sachs cuts India’s 2024 and 2025 GDP growth forecasts

Hindustan Times  

Goldman Sachs Group Inc. has lowered India’s growth forecast by 20 basis points each for this year and the next, citing a contraction in central government expenditure. India’s growth next year will be hampered by the government’s commitment in the budget to bring down the fiscal deficit to below 4.5% of gross domestic product. Expansion will also face headwinds from …

Strong trade ties boosting India’s export market share: Economic Survey
5 months ago

Strong trade ties boosting India’s export market share: Economic Survey

Hindustan Times  

India is gaining market share in global exports of merchandise and services, benefiting from its strong trade relations across countries, which raised its share in global goods exports to 1.8% and services to 4.3% in FY24 as compared to an average of 1.7% and 3.3% respectively during FY16-FY20, the economic survey said on Monday. The government took various measures to …

India’s Services Activity Growth at Five-Month Low: HSBC Report
6 months, 2 weeks ago

India’s Services Activity Growth at Five-Month Low: HSBC Report

Deccan Chronicle  

New Delhi: Despite staying strong in the month of May, India’s growth in services sector activity slowed to a five-month low due to weakened domestic demand, fierce competition, price pressures and heat waves that affected livelihoods across the country. As per the May data, the robust increases in new business intakes continued to underpin output growth across India’s service economy, …

Global real estate consultancy JLL’s project and development services business in India expected to grow by 15-20%
7 months, 2 weeks ago

Global real estate consultancy JLL’s project and development services business in India expected to grow by 15-20%

Hindustan Times  

Global real estate consultancy JLL’s project and development services footprint in India has touched 250 million sq ft in FY2023 and is expected to grow at 15-20% this fiscal. JLL’s project and development services footprint in India touched 250 million sq ft in FY2023 and is expected to grow at approximately 15-20% this fiscal, Cynthia Kantor, CEO, Project and Development …

India's April services growth strong on near-record exports, PMI shows
7 months, 2 weeks ago

India's April services growth strong on near-record exports, PMI shows

Hindustan Times  

Growth in India's dominant services industry softened in April but remained sturdy on robust domestic and foreign demand, lifting business confidence to a three-month high, a survey showed on Monday. "India's service activity rose at a slightly softer pace in April, backed by a further rise in new orders, with notable strength in domestic demand," noted Pranjul Bhandari, chief India …

Goldman Sachs predicts this ‘favourable scenario’ for Indian economy by 2030
7 months, 3 weeks ago

Goldman Sachs predicts this ‘favourable scenario’ for Indian economy by 2030

Hindustan Times  

India's services exports are likely climb to $900 billion- about 12.4 percent of its GDP, by 2030- Goldman Sachs said in what it called a "favourable scenario" of the economy. "India has been gaining share in professional consulting globally, which is relatively less concentrated than other sectors, and India has scope of gaining further share with the rise of GCCs," …

Don’t take India’s strong services exports story for granted: Goldman Sachs
7 months, 3 weeks ago

Don’t take India’s strong services exports story for granted: Goldman Sachs

The Hindu  

April 29, 2024 09:57 pm | Updated 10:08 pm IST - NEW DELHI While India’s services exports had grown sixfold between 2005 and 2023 to about $340 billion and were potentially poised to hit the $800-billion mark in 2030, Goldman Sachs cautioned against complacency citing challenges such as the lack of skilled talent and resource stress in key hubs like …

Resilient economy, price stability to support India's promising growth story: FinMin report
7 months, 4 weeks ago

Resilient economy, price stability to support India's promising growth story: FinMin report

The Hindu  

Resilient growth, price stability and steady external sector outlook continue to support India's promising economic performance amid uncertain global conditions, a Finance Ministry report said on Thursday. The report said the global economic growth landscape is seeing a gradual resurgence, marked by fading fears of recession and rebounding growth in major economies. Talking about global economic growth recovery, the report …

India’s services export grew faster than global average in 2023: UNCTAD data
7 months, 4 weeks ago

India’s services export grew faster than global average in 2023: UNCTAD data

Hindustan Times  

NEW DELHI: India’s annual services export grew at 11.4% in 2023 against the global average of 8.9% and surpassed China which witnessed a 10.1% contraction in the year, according to the quarterly bulletin released by the United Nations Conference on Trade and Development. Robust services trade helped India to compensate for a 3.11% year-on-year contraction in merchandise exports in FY2024 …

Manufacturing versus services: A false binary
10 months ago

Manufacturing versus services: A false binary

Hindustan Times  

The debate around India’s policy focus — whether it should be on manufacturing or services — is once again heating up. India’s share of global services exports is currently ~4.4%, and the country is already the largest provider of telecom and information services. The other pillar of the country’s export strategy — services exports — is where India already has …

Bank of America expects India fundraising to be busier than ever
10 months ago

Bank of America expects India fundraising to be busier than ever

Live Mint  

Fundraising activity in India will be stronger than ever over the next two years as conglomerates, tech firms and financial services providers hunt for capital to fuel growth and owners seize the moment to sell holdings, Bank of America Corp.’s co-head of investment banking in the country said. Reliance Industries Ltd., controlled by Asia’s richest person Mukesh Ambani, has been …

Investments in India can rarely go wrong: Piyush Goyal
1 year ago

Investments in India can rarely go wrong: Piyush Goyal

The Hindu  

Commerce and Industry Minister Piyush Goyal on Wednesday urged international investors to include India into their global value chains, offering them a guarantee of fair competition, transparency and equal treatment. Speaking at the World Investment Conference hosted by the World Association of Investment Promotion Agencies, Mr. Goyal said the government’s effort is to widen market access for Indian and global …

Services sector activity hits 1-year low in November on slow demand, output
1 year ago

Services sector activity hits 1-year low in November on slow demand, output

Live Mint  

India’s service sector activity in November slowed to the lowest levels over the previous 12 months, according to a private survey released on Tuesday, owing to slowing growth for both new orders and output across key services. “Despite falling from 58.4 in October to a one-year low of 56.9 in November, the seasonally adjusted S&P Global India Services Business Activity …

India's services exports post fastest growth in 9 years
1 year, 3 months ago

India's services exports post fastest growth in 9 years

Deccan Chronicle  

NEW DELHI: India's services activity continued to expand in August, though the purchasing managers' index or PMI services dropped to 60.1 in the month from the previous reading of 62.3 in July. However, the survey also showed that hiring activity across India's service economy continued to expand halfway through the second fiscal quarter. Commenting on the survey, Pollyanna De Lima, …

Growth in India is expected to slow to 6.3% in FY2023: World Bank
1 year, 6 months ago

Growth in India is expected to slow to 6.3% in FY2023: World Bank

The Hindu  

Growth in India is expected to slow to 6.3 % in FY 2023/24, a 0.3 percentage point downward revision from January, the World Bank said Tuesday but noted there is an unexpected resilience in private consumption and investment and robust growth in the services. “Growth in India is expected to slow further to 6.3 % in FY 2023/24, a 0.3 …

India is making its mark in the world
1 year, 6 months ago

India is making its mark in the world

Hindustan Times  

India is in a rare moment of equilibrium. India’s economy is no longer at the receiving end of the global order but is in the fray of the world’s most powerful future economies, with an unmatched growth rate. The International Monetary Fund says India and China will account for 50% of the total world gross domestic product growth in 2023, …

Buoyancy check: on the findings of the S&P Global Services PMI Business Activity Index
1 year, 7 months ago

Buoyancy check: on the findings of the S&P Global Services PMI Business Activity Index

The Hindu  

India’s services sector seems to have had a great start to the financial year, if one were to go purely by the findings of the S&P Global Services PMI Business Activity Index. On the trade front, India’s services exports are estimated to have hit a record $325 billion in 2022-23, reflecting a growth of almost 28% over the previous year. …

For India’s Services firms, April was the best month in almost 13 years: S&P Global PMI
1 year, 7 months ago

For India’s Services firms, April was the best month in almost 13 years: S&P Global PMI

The Hindu  

India’s services sector recorded its highest uptick in new business and output levels since June 2010 this April, led by a strong upturn in the Finance and Insurance segment, as per the seasonally adjusted S&P Global India Services PMI® Business Activity Index, which rebounded from a decline to 57.8 in March to 62 in April. “India’s service sector posted a …

Technology and cloud to build a better India
1 year, 9 months ago

Technology and cloud to build a better India

Live Mint  

In today’s world, the growing volume of data is driving advances in technologies, such as cloud computing, combined with artificial intelligence and machine learning. A new India—one of the world’s largest technology hubs India is the world’s third largest startup ecosystem, and is fast becoming the SaaS factory for the world. Cloud is now a must for India’s businesses and …

India remains a ‘bright spot’, to contribute 15% of global growth in 2023: IMF MD
1 year, 10 months ago

India remains a ‘bright spot’, to contribute 15% of global growth in 2023: IMF MD

The Hindu  

India continues to remain a relative "bright spot" in the world economy, and will alone contribute 15% of the global growth in 2023, International Monetary Fund Managing Director Kristalina Georgieva said. And in that way, India is providing about 15% of global growth in 2023," Ms. Georgieva told PTI in an interview. India remains a bright spot at a time …

India's services sector growth eases slightly in January
1 year, 10 months ago

India's services sector growth eases slightly in January

The Hindu  

The Indian services sector growth rate moderated in January as output and sales rose at softer rates, while subdued level of confidence among service providers towards future outlook appeared to have stymied job creation, a monthly survey said on Friday. The seasonally adjusted S&P Global India Services PMI Business Activity Index fell from 58.5 in December to 57.2 in January. …

The global economy needs a new powerhouse. India is stepping up
1 year, 11 months ago

The global economy needs a new powerhouse. India is stepping up

Live Mint  

India’s economic transformation is kicking into high gear.Global manufacturers are looking beyond China, with Prime Minister Narendra Modi stepping up to seize the moment. “India is on the cusp of huge change,” said Nandan Nilekani, a founder of Infosys Ltd., one of the nation’s largest technology services companies. “A lot of companies feel that given its size, given its young …

India's services sector growth hits six month high in December 2022 | DETAILS
1 year, 11 months ago

India's services sector growth hits six month high in December 2022 | DETAILS

India TV News  

Indian service sector growth: The Indian services sector growth touched a six-month high in the month of December, supported by a robust intake of new work and favourable market conditions, a monthly survey said on Wednesday. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 56.4 in November to 58.5 in December, highlighting the strongest rate …

India is a glimmer of hope in a slowing world
1 year, 11 months ago

India is a glimmer of hope in a slowing world

Live Mint  

As we welcome 2023, there is much to be optimistic about and as much to reflect on. From bringing global manufacturing and supply chains to India to striking astute bilateral trade deals to building the much-needed infrastructure at a steady pace, the Prime Minister has dramatically altered not only the ease of doing business but also rendered the country a …

India growth to slow to 5.9% in 2023, says Goldman Sachs
2 years, 1 month ago

India growth to slow to 5.9% in 2023, says Goldman Sachs

The Hindu  

India’s economic growth in 2023 is expected to slow to 5.9%, from 6.9% in 2022, Goldman Sachs said in its India 2023 outlook report. In the second half, growth is likely to re-accelerate as global growth recovers, drag from net exports diminishes and investment cycle picks up,” Goldman Sachs said. Emphasising that India’s current account deficit would remain wide given …

G20 summit announced India’s arrival on global stage; path ahead will need more diplomatic dexterity, relentless focus
2 years, 1 month ago

G20 summit announced India’s arrival on global stage; path ahead will need more diplomatic dexterity, relentless focus

Firstpost  

The G20 — a summit of 20 largest economies featuring more than 80 per cent of global GDP, 75 per cent of international trade and 60 per cent of the world population — saw its agenda in Bali, Indonesia, almost getting derailed due to the deep division among member states caused by the war in Ukraine. Incrementally, India will add …

Destination India: Services Sector Is The Next Big Opportunity To Achieve $5-Trillion Economy
2 years, 1 month ago

Destination India: Services Sector Is The Next Big Opportunity To Achieve $5-Trillion Economy

ABP News  

India has made tremendous progress over a period of time. From being a predominantly agrarian economy, India has transformed into a services sector-oriented economy that contributes over 50 per cent to the GDP. Around 697,453 foreign tourists came for medical treatment to India in 2019, making up 6.4 per cent of the total foreign tourist arrivals in India. During 2010-2019, …

Services sector growth hit 6-month low in September
2 years, 2 months ago

Services sector growth hit 6-month low in September

The Hindu  

India’s services sector stuttered in September as new business and output growth grew at the slowest pace since March 2022, as per the S&P Global India Services Purchase Managers’ Index which dropped to 54.3 from August’s robust 57.2 level. September marked the 14th successive month of growth in services sector activity, but price pressures, an increasingly competitive environment and ‘unfavourable …

SEPC holds session on Services Sector Exports Strategy for India@2047
2 years, 2 months ago

SEPC holds session on Services Sector Exports Strategy for India@2047

Hindustan Times  

Services Export Promotion Council, an apex trade body set by the Ministry of Commerce & Industry on September 29 organised an interactive session to discuss on ‘Transforming Workforce Skill for Services Exports' and ‘Internationalization of Higher Education'. SEPC holds session on Services Sector Exports Strategy for India@2047 Commerce Minister Piyush Goyal, Minister of State for Education Dr Subhas Sarkar and …

There Is A Fintech Revolution Happening In India, And These Are The Factors Driving The Industry
2 years, 2 months ago

There Is A Fintech Revolution Happening In India, And These Are The Factors Driving The Industry

ABP News  

India has the highest adoption rate of any country in the world when it comes to financial technology, and this has ushered in a new age for the sector. Fintech's meteoric rise can be attributed to a confluence of factors, including technological advancements, altering social mores, and a regulatory climate that encourages innovation. The India stack and other forms of …

Collect comprehensive data on the services sector
2 years, 3 months ago

Collect comprehensive data on the services sector

Hindustan Times  

The Purchasing Managers’ Index for services clocked 57.2 in the month of August, significantly higher than the 55.5 value for July. PMI services were higher than the August numbers in every month of the quarter ending June. None of this is to argue that PMI numbers are fudged or parts of India’s services economy are not showing extraordinary dynamism. Collecting …

Services sector growth slipped to four-month low in July: S&P Global PMI
2 years, 4 months ago

Services sector growth slipped to four-month low in July: S&P Global PMI

The Hindu  

India’s services sector growth hit a four-month low as demand weakened amid inflation pressures, as per the S& S&P Global India Services Purchase Managers’ Index which moderated to 55.5 in July from an 11-year high of 59.2 in June. While the domestic market remained the key source of sales growth, international demand for Indian services worsened further, S&P Global said, …

India's services sector activity slips further in January 2022; business confidence hits 6-month low
2 years, 10 months ago

India's services sector activity slips further in January 2022; business confidence hits 6-month low

Firstpost  

According to survey participants, demand was restricted by the fast spread of the Omicron variant and the reinstatement of curfews in parts of the country New Delhi: India’s services sector activity moderated further in January 2022 as new business rose at a noticeably slower rate amid the escalation of the pandemic, reintroduction of restrictions and inflationary pressures, a monthly survey …

India’s services sector activity slips further in January
2 years, 10 months ago

India’s services sector activity slips further in January

The Hindu  

India’s services sector activity moderated further in January as new business rose at a noticeably slower rate amid the escalation of the pandemic, reintroduction of restrictions and inflationary pressures, a monthly survey said on February 3. The seasonally adjusted India Services Business Activity Index fell to 51.5 in January, down from 55.5 in December, pointing to the slowest rate of …

India’s services sector activity in November registers second-fastest pace of growth since July 2011: Survey
3 years ago

India’s services sector activity in November registers second-fastest pace of growth since July 2011: Survey

The Hindu  

India’s services sector activity expanded at the second-fastest pace in more than a decade during November, driven by sustained rise in new work and improvement in market conditions, a monthly survey said on Friday. “The recovery of the Indian service sector was extended to November, with a robust improvement in sales enabling the second-fastest rise in business activity in nearly …

India poised to achieve Services export target of USD 1 trillion by 2030: Piyush Goyal
3 years, 1 month ago

India poised to achieve Services export target of USD 1 trillion by 2030: Piyush Goyal

India TV News  

Terming the 'Services' sector as the key driver of India's economic growth, Union Minister Piyush Goyal on Tuesday said that India is poised to achieve the Services Export target of USD 1 trillion by 2030. Goyal while speaking at the ' Export PromServicesotion Council- Global Services Conclave 2021' at the national capital said, "Services sector provides employment to nearly 2.6 …

Services boom to nearly 11-year high in October
3 years, 1 month ago

Services boom to nearly 11-year high in October

The Hindu  

India’s services sector recorded its strongest output growth in ten and a half years in October, as reflected by the survey-based IHS Markit Services Purchasing Managers’ Index, which accelerated to 58.4 from 55.2 in September. “The recovery of the Services sector entered its third straight month, with firms scaling up activity at the fastest pace in ten-and-a-half years and creating …

India story is not over yet: Fast global aid indicates world wants New Delhi's resurgence
3 years, 6 months ago

India story is not over yet: Fast global aid indicates world wants New Delhi's resurgence

Firstpost  

At the India-EU summit in early May, French president Emmanuel Macron declared, “India does not need to listen to lectures from anyone about vaccine supplies. It may be difficult to comprehend at this moment of distress, but if not for India’s earnest global engagement over the past few years—and, its proactive assistance to many nations during the first wave of …

Doubling down on a resilient India
3 years, 9 months ago

Doubling down on a resilient India

The Hindu  

Asia watchers observing China are, above all, missing the real economic shift at play — that this is India’s economic decade. As a result, even as India experienced one of the world’s sharpest economic contractions, it also saw the fastest growth in Foreign Direct Investment inflows among all the major economies last year. India’s $60 billion-plus tally for new annual …

Goldman Sachs Pegs India's GDP Growth Forecast at 10% for 2021, Highest Among Major Global Economies
4 years, 1 month ago

Goldman Sachs Pegs India's GDP Growth Forecast at 10% for 2021, Highest Among Major Global Economies

News 18  

Investment bank Goldman Sachs, its global economic analysis report ‘V-Shaped Recovery’, reiterated its projections for India’s gross domestic product growth for 2021 and 2022 to be 10 per cent and 7.3 per cent respectively. The investment major’s growth forecast for India is the highest among major economies around the world. In September, the lender had forecast India’s GDP growth for …

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