Services sector will prop growth rate: Industry report

The survey by the the Federation of Indian Chambers of Commerce and Industry (Ficci ) said: "Although the slowdown is expected to make a further dent in the growth of some segments of the sector, given its overall contribution of 63 percent to the GDP (gross domestic product), the services sector growth is expected to help maintain a healthy GDP growth this fiscal." According to the survey, the number of wireless subscribers grew 50 percent in April-November compared to the same month last year. Internet subscribers grew 26 percent and broadband subscribers went up 87.7 per cent during the period, it added. During 2007-08, the services sector grew 10.7 percent, higher than the 8.8 percent growth in the manufacturing and 4.5 percent growth in the agriculture sectors. Sectors like housing finance, entertainment and media industry, IT and IT-enabled services, organised retail trade, education and training have seen a "high growth of 10-20 percent" in April-November, the report said.