The service sector witnessed a swift rebound in FY22 of 8.4% as compared to a contraction of 7.8% recorded in the previous financial year and gross value added (GVA) in the service sector is estimated to grow at 9.1% in FY23.

Mr. Raghuram Rajan, the former RBI Governor stated there is a huge potential for India’s service exports sector and it can boost the country’s economic growth.

Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Mr. Piyush Goyal, praised the service sector for its strong export performance and urged all stakeholders to focus on the country's globally competitive advantages.

India's services activity picked up speed in August, with the industry experiencing the largest uptick in employment creation in more than 14 years.

Logistics services provider, Delhivery has entered top 100 most-valued firms' club as its market capitalisation crossed Rs. 50,000 crore (US$ 6.27 billion) on 21 July, 2022.