Some of the investments/ developments in the services sector in the recent past are as follows:

• The Indian services sector was the largest recipient of FDI inflows worth US$ 100.70 billion between April 2000-December 2022.
• According to the Ministry of Commerce and Industry, the service sector received US$ 7.1 billion in FDI equity inflows in FY22.
• There are more than 2,000 DPIIT-recognised fintech start-ups in India which are striving towards comparatively more contribution to the nation’s GDP.
• By 2023, the fintech sector in India is expected to be US$ 1 trillion in Assets Under Management (AUM) and US$ 200 billion in revenue. The sector is estimated to reach US$ 150 billion by 2025.
• India took the lead with the fintech adoption rate of 87%, substantially higher than the world average of 64%.
• According to the IVCA-EY monthly PE/VC roundup, October 2022 recorded investments worth US$ 3.3 billion across 75 deals, including six large deals worth US$ 2.2 billion. Exits were recorded at US$ 1.6 billion across 15 deals in October 2022.
• The healthcare industry is growing at a CAGR of 16% and the total public and private spending on healthcare is 4% of GDP.
• According to RBI:
  • Bank credit stood at Rs. 132.81 trillion (US$ 1.61 trillion) as of January 23, 2022.
  • Credit to non-food industries stood at Rs. 126.08 trillion (US$ 1.54 trillion) as of September 23, 2022.
  • Coforge Limited, a global digital services and solutions provider announced the opening of its center of excellence (CoE) for the Metaverse and Web3 on August 30, 2022.
• In June 2022, HCL Technologies (HCL), a leading global technology company, announced the opening of its new 9,000 sq. ft. delivery center in Vancouver, Canada. The new center will significantly expand its presence in the country to serve clients primarily in the HiTech industry.
• India’s telephone subscriber base stood at 1,172.34 million as of March 2023.
• The country’s total broadband subscriber base stood at 846.57 million, as of March 2023 2021. Teledensity (defined as the number of telephone connections for every 100 individuals) in India stood at 84.51%, as of March 2023.
• At the end of March 23, the top five service providers controlled 98.37% of the total broadband subscribers. These service providers were Reliance Jio Infocomm Ltd (438.56 million), Bharti Airtel (241.90 million), Vodafone Idea (124.83 million), BSNL (25.37 million), and Atria Convergence (2.14 million).
• The IT-BPM sector holds the potential to grow between 10-15% per annum. The IT and fintech segments provide over US$ 155 billion in gross value to the economy annually.
• The IT and business services market will grow at a CAGR of 8.3% between 2021-26, reaching a US$ 20.5 billion valuation by the end of 2026.
• By October 2021, the Health Ministry’s eSanjeevani telemedicine service, crossed 14 million (1.4 crore) teleconsultations since its launch, enabling patient-to-doctor consultations, from the confines of their home, and doctor-to-doctor consultations.
• The Indian healthcare industry is expected to shift digitally enabled remote consultations via teleconsultation. The telemedicine market in India is expected to increase at a CAGR of 31% from 2020 to 2025.
• In December 2020, the 'IGnITE’ programme was initiated by Siemens, BMZ and MSDE to encourage high-quality training and technical education. 'IGnITE' aims to develop highly trained technicians, with an emphasis on getting them ready for the industry and future, based on the German Dual Vocational Educational Training (DVET) model. By 2024, this programme aims to upskill ~40,000 employees.