The services sector, which accounts for 54 per cent of India’s gross value added (GVA), witnessed a growth rate moderated to 7.5 per cent in 2018-19 as compared to 8.1 per cent in 2017-18. While segments like tourism, trade, hotels, transport, communication and services related to broadcasting, public administration and defence saw deceleration, financial, real estate and professional services category accelerated. India received 10.6 million foreign tourists in 2018-19 as compared to 10.4 million in 2017-18 and foreign exchange earnings from tourism in India stood at US$27.7 billion in 2018-19 compared to US$28.7 billion in 2017-18. Despite the recent growth moderation, services sector growth continues to outperform agriculture and manufacturing sector growth, contributing more than 60 per cent to total GVA growth. Highlighting the growth in the media and entertainment sector comprises, technology has rapidly changed the profile of this sector especially in the area of content and carriage. As per the FICCI-EY Media and Entertainment Report 2019, the size of the Industry has increased from Rs 91,810 crore in 2013 to Rs 1,67,500 crore in 2018, a growth of 82.44 per cent in the last 5 years.

(Business Standard)