BUSINESS

Optimistic outlook for services sector

NEW DELHI DEC. 25. While the year 2002 was seen as a year of recovery and steady growth for the services sector, most service related sectors are optimistic about the coming year 2003 too.

A service sector survey conducted by the Confederation of Indian Industry (CII) has forecast continued growth over the next six months as compared to the current year. This growth is considered important given the fact that services contribute the largest to our economy.

Described as the only comprehensive forecast of the diversified and fast-growing services sector in India, the ASCON survey says that the fastest growing sector will be cellular phones, which is expected to add 65 per cent more subscribers on a yearly basis.

Sanctions and disbursements by housing finance companies are also expected to grow by 30 per cent on a yearly basis. The other fast growing sector is computer software, which is forecast to grow between 25 and 35 per cent.

A strong growth is also indicated for computer hardware services, which are expected to rise by 15 per cent. Occupancy in hotels is also expected to rise by 10 to 15 per cent. A moderate growth of 5 to 10 per cent is expected in the construction industry.