Economic Survey 2022 : Services – UPSC GS3

  • Gross Value Added:
    • 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% in 2021-22.
  • Foreign Direct Investment:
    • During the first half of 2021-22, the service sector received over USD 16.7 billion Foreign Direct Invest – accounting for almost 54% of total FDI inflows into India.
  • Reforms:
    • Major government reforms include, removing telecom regulations in IT-BPO sector and opening up of the space sector to private players.
  • Exports:
    • Services exports surpassed pre-pandemic level in January-March quarter of 2020-21 and grew by 21.6% in the first half of 2021-22 – strengthened by global demand for software and IT services exports.
  • Start-Ups:
    • India has become the 3rd largest start-up ecosystem in the world after the 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 the overall tally of unicorns to 83, most of which are in the services sector.

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