The services sector has continued its steady growth and is expected to post a growth rate of 7-7.5 per cent this year, said the CII-ASCON services sector survey for the first quarter of the current financial year.
The survey said that the cellular phones, construction and hotel industries have continued their impressive growth. Out of the 8 sectors surveyed, 3 sectors registered excellent growth of more than 20 per cent. 4 registered high growth between 10 to 20 per cent and one sector recorded negative growth.
According to the survey, cellular services was the fastest growing sector, registering a subscriber growth rate of 115 per cent over the study period. The growth rate in the first quarter of 2002 --164 per cent -- was however higher still. The survey forecast that the present growth rate was expected to continue over the next few months.
The survey said the housing finance sector also registered impressive growth figures. While home loan sanctions registered a 35 per cent growth, disbursements grew by 34 per cent.
The outlook for the next six months was positive and growth for both sanctions and disbursements are expected to be more than 35 per cent, the survey said. The construction industry also posted positive growth. While the industry turnover grew by 15 per cent, exports registered a growth rate of 42.7 per cent.
Though there has been a decline of projects from South East Asia, project exports are expected to rise by 15-20 per cent in the next six months. Turn over for the next six months is expected to retain the current trend, the report added.
The tourism industry also maintained a high growth with tourist arrivals increasing by 12 per cent, the study said. The industry rallied forcefully after the Iraq war and tourist arrivals are expected to rise up to 15-20 per cent for the next six months, the study added.
The information technology industry also maintained a high growth trend, with the turnover in hardware registering a growth of 16 per cent compared to 12 per cent during the last year, the study said.
Sale of personal computers and software recorded a growth of 12 per cent and 20 per cent respectively, the study added.