Search Result for : Services Sector

The Dollar Business Bureau Commerce Secretary Rita Teaotia said on Thursday that engineering exports from India, which have already on a healthy growth trajectory, are likely to witness a ‘new high’ in the ongoing fiscal.  Exports from the engineering sector have reached $62 billion, recording a growth of around 22% during the period April-January of 2017-18.  “We are confident that, the exports will see a new high this financial year,” Teaotia said, while speaking at the inauguration of India Engineering Sourcing Show (IESS) organised by Engineering Export Promotion Council (EEPC) of India in Chennai.  Commerce Secretary said the shipments to developed nations are increasing at a rapid pace. Exports to Europe and North America account for around 40% of the overall exports from engineering sector.  The initiatives ...

The Dollar Business Bureau India’s services sector registered a robust export growth of 16.2% during the first six months of the current fiscal while the import of services into the country were increased by 17.4% during the period, according to the Economic Survey 2017-18. “During the period April-September 2017-18, growth in services exports and services imports were robust at 16.2% and 17.4%, respectively, said the Survey tabled in the Parliament on Monday by Finance Minister Arun Jaitley. In 2016-17, the exports from the sector recorded a growth of 5.7%. “India remained the eighth largest exporter in commercial services in the world in 2016 with a share of 3.4%. This is double the share of India’s merchandise exports in the world at 1.7%, the Survey ...

The Dollar Business Bureau Finance and Corporate Affairs Minister Arun Jaitley said on Wednesday India and ASEAN nations represent an aspirational world in the times when the world is looking inwards. “One of our greatest challenges today is that the world has increasingly started looking inwards,” Finance Minister said while speaking at the ASEAN-India Business Meet and Expo organised by Confederation of Indian Industry (CII) in cooperation with the Finance Ministry and External Affairs Ministry. “In such protectionist times, India and the ASEAN nations represent an aspirational world which represents about 2 billion people,” he added. Jaitley pointed out that India as well as ASEAN were growing fast at a time when the world was slowing down. The two regions represent areas which were ...

The Dollar Business Bureau  India’s services sector activities declined in July to a four-year low due to the disruptions caused by the implementation of Goods and Services Tax (GST), according to a private survey. However, the sector is confident of a speedy revival as the new indirect tax regime settle down.   The Nikkei India Services PMI Business Activity Index dropped from the eight-month high of 53.1 in June to 45.9 in July, the lowest since September 2013.  A reading over the level of 50 on the index indicates expansion whereas a reading below the halfway level shows contraction.   “PMI data for July highlight a reversal in fortunes across India, with the economy going into reverse mode after seeing a pickup in ...

The Dollar Business Bureau  The growth of China’s services sector was marginally low in the month of July as the expansion of new businesses eased, said a private business survey on Thursday.  The latest findings were in sync with an official estimate of non-manufacturing sector released on Monday that showed cooling down of growth in services sector, adding to the speculations that the world’s second largest economy could grow slightly slower in upcoming months.  The Caixin/Markit services purchasing managers' index (PMI) declined a little to 51.5 in July compared to 51.6 in the previous month.  Though the decline was marginal, the figures matched with the level of reading in April this year that was lowest since May last year.  New businesses continued to grow at ...

The Dollar Business Bureau  The Nikkei India Services Purchasing Managers’ Index (PMI) which tracks the services sector output monthly, said that India’s services sector activity increased at the fastest pace in May 2017. This is because of the increased work orders that prompted companies to employ more workforce to handle the workloads. PMI said the Index rose to 52.2 in May compared to 50.2 in April. Although the job growth rate was moderate, it was fastest in almost 4 years. The author of the report, Pollyana De Lima commenting on it said, “The pick-up in service sector growth seen mid-way through the first quarter (FY) suggests that GDP could expand at a faster rate should growth momentum be maintained in June, though ...

The Dollar Business Bureau Upon her return to India, Commerce Minister Nirmala Sitharaman gave a press briefing on the discussions, deliberations and developments that happened at Hanoi during the proposed Regional Comprehensive Economic Partnership meet. On day 2, 22nd May, she said the ministers took stock of the state of negotiations across various negotiating groups and sub-working groups, particularly in the area of goods, services and investment. She pointed out that while considerable progress was made several areas still needed some finality. Referring to the protectionist measures adopted by some countries she said that the negotiations for the services sector were either slowed down or stalled. Though the Indian side put up a valiant fight to protect its industry in goods, discussions on the ...

Press Information Bureau Commerce and Industry Minister Nirmala Sitharaman has said that the revised Foreign Trade Policy (FTP) would be released early to synchronise the same with the roll out of GST. The core focus of the revised FTP would be promoting exports from the SMEs and high employment potential sectors. Nirmala Sitharaman was chairing a meeting on the mid-term review of the Foreign Trade Policy 2015-20 organised jointly by Department of Commerce and Research and Information System for the Developing Countries (RIS) . Commerce Secretary Rita Teaotia, Chairman RIS Hardeep Singh Puri and DGFT Ajay Bhalla also participated in discussions. The event was attended by the trade policy experts from the industry, academia, research and Government. Major suggestions discussed during the deliberations ...