The specifics of growth
While the Indian economy grew at 9.4% in 2006–07 against 9% in 2005–06, services grew at an impressive 11% in 2006–07 against 9.8% in 2005–06. The services sector continued to record double–digit growth in the current fiscal with a growth rate of 10.6% during the first quarter of the current fiscal year.
- Trade, hotels, transport and communication grew by a robust growth rate of 12%.
- Financial services, comprising banking, insurance, real estate and business services grew by 11% as against 10.8%.
- Community, social and personal services grew at the rate of 7.6%.
In its last release of State of the Economy Report, the Confederation of Indian Industry (CII) expects services to grow at a rate of 11.2% in 2007–08.