Union Budget 2024 | Economic Survey on India's services sector

A day ahead of the presentation of Union Budget, Finance Minister Nirmala Sitharaman released the Economic Survey, a comprehensive document on the state of the Indian economy. Here's what it says about India's services sector.

Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey, a comprehensive document on the state of the Indian economy. The Economic Survey is tabled ahead of the Union Budget, which will be presented on July 23.

Here's what the Economic Survey says on India's services sector:

India's services sector remains the biggest contributor to the country's economy, accounting for approximately 55 per cent of its size in FY24.

The sector grew by 7.6 per cent in FY24, with the services Purchasing Managers' Index (PMI) remaining above 50 for the past 35 months, indicating continuous expansion.

India's services exports constituted 4.4 per cent of the world's commercial services exports in 2022 and accounted for 44 per cent of India's total exports in FY24.

The sector has witnessed a surge in technology-driven transformation and diversification of exports.

However, the emerging job demands in the services sector require greater and more focused skills, particularly in areas such as blockchain, artificial intelligence, and cybersecurity.

There is a need for upskilling through government and industry collaboration to enable India to become a high-value partner in specialized areas.

Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.