Realty, retail & wholesale trade lead services expansion in June
India's services sector experienced broad-based growth in June. Eighteen of nineteen tracked segments expanded, with eight achieving double-digit gains. Real estate led this expansion, growing 24.7% year-on-year. Retail and wholesale trade also showed strong performance, growing 18% and 15.1% respectively. Air transport was the only segment to contract, declining 6%.
In June, India's services sector experienced broad-based growth, with 18 out of 19 tracked segments expanding, according to official data from the Ministry of Statistics and Programme Implementation. The Trial Index of Service Production revealed that real estate, retail trade, wholesale trade, and accommodation and food services were among the fastest-growing sectors.
Real estate led the growth, expanding by 24.7% from a year earlier, surpassing May's 17.7% growth. Retail trade followed with an 18% increase, while wholesale trade grew by 15.1%. Administrative and support services expanded by 14.4%, IT and computer-related services rose by 13.5%, and warehousing and support activities for transportation saw an 11.8% increase.
Banking and accommodation and food services also registered double-digit growth, with banking up by 11.4% and food services increasing by 10.2%. On the downside, air transport was the only sector to contract, declining 6% year-on-year.
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