SERVICES

For updated information, please visit www.ibef.org August 2020

Table of Contents

Executive Summary……………….….…….3

Advantage India…………………..….……..4

Market Overview and Trends……….……..6

Strategies Adopted………….……..………13

Growth Drivers and Opportunities…..……15

Industry Associations……….......…………26

Useful Information……….......……………..28
 EXECUTIVE SUMMARY

▪ The services sector of India remains the engine of growth for India’s economy and contributed 55.39 per cent
to India’s Gross Value Added at current prices in FY20*.
Key drivers of economic
▪ As of 2018, 31.45 per cent of India’s employed population was working in the service sector.
growth
▪ Net export and import estimate in services in FY20 stood at US$ 214.14 billion and US$ 131.41 billion,
respectively.

▪ A large pool of skilled IT manpower has made India into a global outsourcing hub. It now commands a 55 per
Global technology hub cent share in the global sourcing market.
▪ Further, India is the digital capabilities hub of the world with presence of 75 per cent of global digital talent.

▪ The Government’s move to launch ‘Startup India’ aims to create an inclusive ecosystem for entrepreneurs
and push for innovation. Services are a big part of this system. The technology infrastructure required for
such an ecosystem has increased the potential for the sector in India.

Attractive ecosystem ▪ Low setup cost make this sector an attractive investment destination.
▪ India also has a reasonably well-developed financial market.
▪ All these factors make Indian services sector an attractive ecosystem for both the entrepreneurs and the
investors.

Note: *As per second advance estimates

Source: Economic Survey of India, DIPP, MOSPI, RBI, International Labour Organisation

3 Services For updated information, please visit www.ibef.org

 Services

ADVANTAGE INDIA
 ADVANTAGE INDIA

▪ India is the export hub for software services. It

▪ Services sector has been the largest
had a 55 per cent share in the US$ 185-190
recipient of FDI in India with inflow of US$
billion global sourcing market in 2018.
82 billion between April 2000 and March
▪ India is also becoming a destination for 2020.
medical tourism as a result of cheaper but
▪ 100 per cent FDI is allowed for any
quality healthcare services.
regulated financial sector activity under the
automatic route.
▪ In 2019, Indian Real Estate attracted more
than US$ 5 billion in private equity (PE)
inflow.

ADVANTAGE
INDIA
▪ An already established technology base ▪ Government of India is working to remove
and infrastructure that will help in the many trade barriers to services and tabled a
creation of an ecosystem for other draft legal text on trade facilitation in
services to the WTO in 2017.
services.
▪ Government is promoting necessary
▪ Large pool of skilled manpower, especially
services and will charge zero tax for
in the areas of IT & BPM available at a education and health services under the
relatively low cost and and a rapidly GST regime.
increasing youth population looking to ▪ The Government has identified 12 sectors
migrate from agriculture to other sectors. under the Champion Services Sectors
Initiative, aimed at formulating cross-cutting
action plans to promote their growth.

Source: WTO- World Trade Organisation

Source: DPIIT, NASSCOM

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 Services

MARKET OVERVIEW
AND TRENDS
 SERVICES SECTOR CLASSIFICATION

Services sector

Transport,
Real estate,
storage, Public
Trade, repair, ownership of
communication Financial administration,
hotels and dwelling and
and services defence and
restaurants professional
services related Others
services
to broadcasting

Railways Road transport Air transport

Trade and repair Hotels and

services restaurants

Source: Indiabudget

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 SHARE OF SERVICES SECTOR GROWS AT THE
FASTEST CAGR

▪ As per the second advance estimates for GVA, services sector Services Sector GVA at basic prices at current prices (in US$
Visakhapatnam port traffic (million tonnes)
shares reached 55.39 per cent in FY20. billion)

▪ India’s services sector GVA grew at a CAGR of 1.45 per cent to US$
1,600 CAGR 1.45% 60%
1,064.8 billion in FY20* from US$ 1,005 billion in FY16.
55.39%
▪ Growth rate of financial, real estate and professional services was 1,400 54.30%
53.44% 55%
estimated at 4.6 per cent (in Rs terms) in FY20***. Trade, hotels, 52.33% 52.72%
transport, communication and services related to broadcasting are 1,200
estimated to have recorded 3.6 per cent growth (in Rs terms) in
50%

1,095.05
FY20***. 1,000

1,064.80
1,009.76
1,005.30

1,001.19
800 45%

600
40%

400

35%
200

0 30%

FY16

FY17

FY18**

FY19*

FY20 ***
Growth of India's Services Sector (GVA at basic price)

Services sector GVA as a percentage of total GVA (in Rs terms)

Note: CAGR - Compound Annual Growth Rate, Exchange Rate used is average for the year, ****Provisional Estimates, **Second Revised Estimates, *First Revised Estimates, ^As per
World Bank’s World Development Indicators
Source: IMF, World Bank, MOSPI

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 SERVICE SECTOR PMI

▪ The services sector is a key driver of India’s economic growth Nikkei India Services PMI (Monthly)
▪ Nikkei India Services Purchasing Managers' Index (PMI) stood at
70
49.3 in March 2020, indicating an expansion.

▪ Strong overseas demand and new export business opportunities will

60
boost total sale in the country .

57.5
55.5
▪ Due to the spread of coronavirus pandemic, PMI stood at 34.2 in July

53.3
50

52.7
2020.

49.3
49.2
40

34.2
33.7
30

12.6
20

10

5.4
0

Jan-20

Mar-20

Jun-20

Jul-20
Feb-20
Nov-19

Dec-19
Oct-19

Apr-20

May-20
Source: IHS Markit

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 PERFORMANCE OF INDIA’S SERVICES SECTOR:
SOME INDICATORS

Period
Sector Indicators Unit
2009-10 2016-17 2017-18 2018-19 2019-20

IT- BPM service revenues US$ billion 64 154 167 181 191

IT- BPM Exports US$ billion 50 116 126 136 147

Domestic US$ billion 14 38 41 45 44

Airline Passengers (Total) Million 77.4 158.4 308.8 204.2 341.05

Aviation Domestic Million 45.3 103.7 243.3 275.21 274.50

International Million 32.1 54.7 65.5 69.48 66.54

Telecom Connections
Telecom Million 621.3 1,194.6 1,206.2 1776.75 1177.02
(wireline and wireless)

Foreign Tourist Arrivals Million 5.2 8.8 10.5 10.6 10.89

Tourism
Foreign Exchange earnings from
US$ billion 11.1 22.9 28.8 27.7 29.96
tourism

Gross tonnage of Indian shipping Million GT 9.7 12.0 12.6 12.7 14.69
Shipping
No. of ships Numbers 998 1,338 1,384 1400 -

Source: AAI, TRAI, Economic Survey 2017-18, Ministry of Shipping, Ministry of Tourism, NASSCOM, Directorate General of Shipping

10 Services For updated information, please visit www.ibef.org

 INDIA’S SERVICES TRADE

▪ Services export is a key driver of India’s growth and India ranked Net Exports of Major Services from India (US$ billion)
eighth among the largest exporter of commercial services in the
world in 2019. FY18 FY19P FY20P
90
▪ Export of travel services witnessed the highest growth, reaching US$
7,643 million during July-September 2019P. 80

77.65
▪ India’s overall export of services stood at US$ 214.14 billion in FY20 70

72.19
increasing by 4.13 per cent y-o-y.
60
▪ Service import stood at US$ 131.41 billion, witnessing a growth of
5.16 per cent y-o-y. 50

40

30

20

21.06
8.84
6.74
10

1.60

1.37

1.14
0.87
0.81

0.72

0.64

0.28
0.24

1.43
0

-0.17

-0.12
-0.13

-0.33

-0.37

G.n.i.e -0.50
-0.82
Transportation -1.06

Business-1.30
-10

Travel

Insurance

Financial
Software

Communication
Note: G.n.i.e – Government not included elsewhere, P – Provisional
Source: RBI

11 Services For updated information, please visit www.ibef.org

 KEY PLAYERS

Banking and Financial

Services

Tourism and
Hospitality Services

Telecommunication
Services

Healthcare Services

IT and BPM Services

Aviation Services

Source: Company websBPM

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 Services

STRATEGIES
ADOPTED
 STRATEGIES ADOPTED

▪ The Cabinet Committee on Economic Affairs has given its approval for continuation of the process of
Banking and Financial
recapitalization of Regional Rural Banks (RRBs) by providing minimum regulatory capital to RRBs for another
Services year beyond 2019-20.

▪ Players are trying to ensure convenience for their customers by providing all services available on a single
portal. For example, makemytrip.com and a host of other webs. BPM provide a comprehensive basket of
offerings which include outbound and inbound travel for leisure and business trips, hotels and car booking,
Tourism and Hospitality holiday packages within India and abroad, etc.
Services ▪ Players are opting for many channels to maximise sales and ensure convenience for their customers. For
example, Thomas Cook and Kuoni India launched their online portals to compete with others. On the other
hand, makemytrip.com is planning to go for the offline channel to complement its existing portal and has
already launched mobile apps for maximising sales.

▪ Acquisition - Cipla Ltd acquired brand name and trademark rights for Vysov for anti-diabetic drug,
Vildagliptin, for the Indian market from Novartis.
Healthcare Services
▪ In February 2020, Novartis launched Biome India, a digital innovation hub, in Hyderabad, its first such centre
in Asia and the fourth globally.

▪ Educomp has decided to offer its various online and supplemental solutions to help institutions to leverage the
Education and Training most of technology as the Indian education industry opens to new innovative ways of learning.
Services ▪ In June 2020, Vedantu, an ed-tech start-up, invested US$ 2 million in Instasolv, a doubt-solving app, for high
school students and IIT-JEE and NEET aspirants, with full rights to acquire the app.

▪ Between April 23 and July 16, 2020, Jio Platforms Ltd. sold 25.24 per cent stake worth Rs 1.52 trillion (US$
21.57 billion) to various global investors in separate deals involving Facebook, Silver Lake, Vista, General
Telecommunication Atlantic, Mubadala, Abu Dhabi Investment Authority (ADIA), TPG Capital, L. Catterton, Public Investment
Fund (PIF), Intel Capital, Qualcomm Ventures and Google. This is the largest continuous fundraise by any
company in the world.
Source: Company websBPM, Media sources

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 Services

GROWTH DRIVERS
AND OPPORTUNITIES
 GROWTH DRIVERS OF SERVICES SECTOR

▪ Growth in per capita income has resulted in higher domestic demand for various services such as travel and
Rise in per capita tourism, healthcare and telecommunications.
income ▪ India’s per capita income has increased rapidly from US$ 1,323.50 in 2011-12 to US$ 1,932.32 in 2019-20. It is
expected to reach around US$ 6,000 by 2025.

▪ Services export have acted as a major growth driver of India’s services sector.
Services export
▪ Growth in global export of commercial services has acted as a catalyst for expansion of India’s services sector.

▪ Government of India’s push to financial inclusion has led to increased access to the banking system.
Growth in banking ▪ Strong growth in savings in the country have also acted as tailwinds for the banking sector.

▪ Low-cost carriers have contributed to growth in the sector.

Growth in aviation ▪ Rising traffic from smaller towns and cities is a major growth driver.
▪ As per Union Budget 2019-20, Government aimed for a higher FDI in aviation industry.

Growth in tourism ▪ Growing tourism infrastructure has led to expansion of the tourism and hospitality sector.
and hospitality ▪ Schemes introduced by the Government such as Swadesh Darshan Scheme have to expansion.

Growth in ▪ Rise in affordability of telecommunication services has been a major factor in driving the growth of the sector.
telecommunication ▪ Shift of Indian residents from low income to high income groups has also been a contributor.

Source: Ministry of Statistics and Programme Implementation, World Trade Organisation

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 INDIAN BANKING SECTOR DRIVING GROWTH IN THE
SERVICES SECTOR

▪ During FY16–FY20, deposits grew at a CAGR of 3.57 per cent and Visakhapatnam
Growth in deposits
port traffic
(US$
(million
billion)
tonnes)
reached US$ 1.70 trillion in FY20.

▪ Strong growth in savings amid rising disposable income levels are CAGR 3.57%
2,000
the major factors influencing deposit growth.

▪ Access to banking system has also improved over the years due to 1,800

1,866.22
1,781.12
persistent Government efforts to promote banking-technology and

1,698.97
1,600
promote expansion in unbanked and non-metropolitan regions.

1,599.34
1,400

1,466.47
▪ At the same time, India’s banking sector has remained stable despite
global upheavals, thereby retaining public confidence over the years. 1,200
▪ Bank accounts opened under the Government’s flagship financial
1,000
inclusion drive Pradhan Mantri Jan Dhan Yojana (PMJDY) reached
40.05 crore and deposits in Jan Dhan bank accounts stood at more 800
than Rs 1.30 lakh crore (US$ 18.44 billion).
600
▪ As of June 19, 2020, deposits growth of 11 per cent was marginally
lower compared to growth of 11.3 per cent in the previous fortnight. 400

200

FY16

FY17

FY18

FY19

FY20
Source: Reserve Bank of India (RBI)

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 AVIATION DRIVING GROWTH IN SERVICES WITH
INCREASING PASSENGER AND FREIGHT TRAFFIC

Freight traffic in India (million tonnes) Passenger traffic

Visakhapatnam in in India
port traffic (million)
(million tonnes)
4.00
400
3.50
350

3.56
3.00

3.36

3.33

344.70

341.05
300

308.75
2.50 250
2.70

264.97
2.68

2.00 200
1.50

223.96
150
1.00 100
0.50 50
0.00 0
FY16

FY17

FY18

FY19

FY20

FY16

FY17

FY18

FY19

FY20
▪ Total passenger traffic stood at a 341.05 million in FY20, up from 308.75 million in FY18 in India.

▪ Growth in passenger traffic has been strong since the new millennium, especially with rising income and low-cost aviation.

▪ Freight traffic on airports in India is expected to cross 11.4 million tonnes by 2032.

▪ Opportunity:

• Passenger traffic arising from small cities and towns is expected to witness rapid growth.

• Total passenger traffic in the country is expected to surpass 855 million by 2030-31.

• Rise in passenger traffic is being complemented by the Regional Connectivity Scheme (RCS) and expansion of airport handling capacity of
India.

Notes: CAGR – Compound Annual Growth Rate, FY – Indian Financial Year (April – March)
Source: Association of Private Airport Operator, Airports Authority of India

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 INCREASING EXPENDITURE ON TRAVEL AND
TOURISM IS A MAJOR DRIVER FOR THE SECTOR

▪ The travel and tourism sector forms a major part of the services Visakhapatnam
Travel and tourism
portspending
traffic (million
(US$ tonnes)
billion)
industry, thereby increasing expenditure for obtaining this service is
expected to drive growth in the overall services sector.
250.0
▪ Opportunity:

234.4
• Presence of world-class hospitals and skilled medical
professionals makes India a preferred destination for medical 200.0

201.7
tourism.

180.0
• India’s earnings from medical tourism could exceed US$ 9 billion
150.0
by 2020.

100.0

92.7
50.0

18.7

12.9
11.6
10.3
0.0

2015

2016

2017

2018
Business Travel and Tourism Spending (in US$ bn)
Leisure Travel & Tourism Spending (in US$ bn)

Notes: IT – Information Technology

Source: World Travel and Tourism Council, Make in India, Global Business Travel Association

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 STRONG GROWTH IN HEALTHCARE SERVICE
SECTOR

▪ Healthcare has become one of India's largest sectors, both in terms Healthcare
Visakhapatnam
Sectorport
Growth
traffic
Trend
(million
(US$tonnes)
Billion)
of revenue and employment. The industry is growing at a
tremendous pace owing to its strengthening coverage, services and
300
increasing expenditure by public as well private players. CAGR: 16.5%

▪ The market is estimated to grow at a CAGR of 16.5 per cent during

280.0
2008-2020. 250
▪ C-CAMP, Department of Biotechnology has signed a contract with
AMR Global of Netherlands to work together on antimicrobial
resistance solutions. 200

▪ The total industry size is expected to touch US$ 280 billion by 2020.

▪ Indian companies are entering into merger and acquisitions with 150

160.0
domestic and foreign companies to drive growth and gain new
markets.
100
▪ Opportunity:

• India’s median age of population is expected to increase from

26.7 years in 2015 to 31.4 years in 2030.^ 50

45
• This increase in median age coupled with rising income level is
expected to lead to significant growth in demand of healthcare
services. 0
2008 2017 2020F

Note: F – Forecast, ^As per UN data

Source: Frost and Sullivan, LSI Financial Services, Deloitte

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 EXPANDING TELECOM SUBSCRIBER BASE

▪ India is currently the second largest telecommunication market and Visakhapatnam

Growth in
port
total
traffic
subscribers
(million tonnes)
has the second highest number of internet users in the world.

▪ India’s telephone subscriber base expanded at a CAGR of 2.70 per 1,250 94

cent between FY16-20 and reached 1,177.97 million in FY20. 92.84

▪ Tele-density (defined as the number of telephone connections for 92.98 92

1,200 90.11
every 100 individuals) in India stood at 87.37 per cent in FY20.
90
▪ Opportunity:
1,150
• Internet penetration in India has displayed strong growth over the 88
past few years, yet India is far behind other economies in terms of
87.37
internet penetration. 1,100 86

• Consequently, internet subscriber base of India is expected to

83.36 84
grow from 718.74 million in 2019 to 829 million in 2021. 1,050

82

1,194.58
1,058.86

1,206.22

1,183.51

1,177.97
1,000
80

950 78

FY16

FY17

FY18

FY19

FY20
Telephone Subscriber (in million) Teledensity

Note: CAGR - Compound Annual Growth Rate

Source: Telecom Regulatory Authority of India

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 GROWING IT AND BPM SECTOR

▪ IT BPM industry revenues was estimated at around US$ 191 billion Market
Visakhapatnam
size of IT industry
port traffic
in India
(million
(US$
tonnes)
billion)
in FY20 with a growth rate of 7.7 per cent.

▪ The domestic revenue^ of the IT industry is estimated at US$ 44 250

#CAGR 9.95 %
billion and export revenue is estimated at US$ 147 billion in FY20.

▪ The market size of India’s IT-BPM sector is expected to reach US$

350 billion by 2025 and BPM is expected to account for US$ 50-55 200
billion out of the total revenue.
147
▪ Spending on information technology in India was expected to reach 136
126
US$ 90 billion in 2019. 150
117
▪ Outsourcing of large technology contracts by clients is expected to 108
accelerate the growth of the industry in FY20.
100
▪ Opportunity:

• India has emerged as the digital capability hub if the world,

accounting for nearly 75 per cent of the global digital talent pool.
50
• As global digital spending increases from US$ 180 billion in 2017 41 41.0 44.0
35 37
to US$ 310 billion in 2020, Indian IT/BPM industry will be well
positioned to expand significantly. 0
FY16 FY17 FY18 FY19 FY20E
• The rollout of 5G wireless technology in India is expected to bring
US$10 billion global business to Indian information technology Domestic^ Export
(IT) services firms during 2019-25.

• India’s digital economy is estimated to reach US$ 1 trillion by

2025.
Note: E – estimate, ^Including Hardware, #CAGR is for total of domestic and export
Source: NASSCOM, Gartner

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 GOVERNMENT POLICIES AND INITIATIVES

▪ SEIS is aimed at promoting export of services from India by providing duty scrip credit for eligible exports.
Services Exports from ▪ Under this scheme, a reward of 3 to 5 per cent of net foreign exchange earned is given for Mode 1 and Mode
India Scheme (SEIS) 2 services.
▪ In the mid-term review of FTP 2015-20, SEIS incentives to notified services were increased by two per cent.

▪ The National Digital Communications Policy 2018 envisages three missions:

National Digital • Connect India: Creating Robust Digital Communications Infrastructure.
Communications Policy, • Propel India: Enabling Next Generation Technologies and Services through Investments, Innovation and
2018 IPR generation.
• Secure India: Ensuring Sovereignty, Safety and Security of Digital Communications.

National Tourism Policy, ▪ Formulation of National Tourism Policy 2015 was to encourage the citizens of India to explore their own
2015 country as well as position the country as a ‘Must See’ destination for global travellers.

▪ The Union Cabinet, Government of India, approved the National Health Policy 2017 to provide the policy
National Health Policy,
framework for achieving universal health coverage and delivering quality health care services to all at an
2017 affordable cost.

On July 29, 2020, Union Cabinet approved the National Education Policy (NEP) 2020, with an aim to transform
National Education India into an energetic knowledge society and global knowledge superpower by making school and college
Policy, 2020 education more holistic, flexible, multidisciplinary, suited to 21st century needs and aimed at bringing out the
unique capabilities of each student.
Note : FTP - Foreign Trade Policy
Source : Economic Survey 2017, Media sources

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 GOVERNMENT POLICIES AND INITIATIVES

▪ 100 per cent FDI is allowed under automatic route in scheduled air transport service, regional air transport
service and domestic scheduled passenger airline.
▪ Approval of 100 per cent FDI in aviation for foreign carriers.
▪ 100 per cent FDI is allowed under the automatic route in tourism and hospitality subject to applicable
regulations and laws.
▪ The Government of India allowed 100 per cent FDI in the education sector through the automatic route since
2002.
FDI Policy ▪ For the healthcare sector, 100 per cent FDI is allowed under the automatic route for greenfield projects and for
brownfield project investments, up to 100 per cent FDI is permitted under the Government route.
▪ FDI cap in the telecom sector has been increased to 100 per cent from 74 per cent. Out of 100 per cent, 49
per cent will be done through automatic route and the rest will be done through the Foreign Investment
Promotion Board (FIPB) approval route.
▪ Government has allowed 100 per cent FDI in the railway sector for approved list of projects.
▪ FDI limit for insurance companies has been raised from 26 per cent to 49 per cent and 100 per cent for
insurance intermediates..

▪ The GST rates are nil for education and healthcare services; 5 per cent for air transport of passengers in
economy class, transport of goods by rail and vessel, supply of tour operator services (without ITC); 12 per cent
for food and drinks at restaurants without air conditioner, heating system or license to serve liquor, while it is 18
Goods and Services
per cent for those having them; 12 per cent for accommodation in hotels, inns, etc for rooms with tariff between
Tax (GST)
Rs 1000-2500 (US$ 14.18-35.46), while it is 18 per cent for those between Rs 2500-7500 (US$ 35.46-106.39); 12
per cent for air transport of passengers in other thane economy class; 28 per cent for entertainment events,
cinematograph films, etc, hotels and inns with room tariff above Rs 7,500 (US$ 106.39).

Source : Economic Survey 2017, Media sources

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 HIGH FDI INFLOWS INTO THE SECTOR

▪ To ensure that India remains an attractive investment, the Total FDI Equity Inflows in the top 10 services sectors during
Visakhapatnam port traffic (million tonnes)
Government has brought about a number of reforms such as the April 2000 –March 2020(US$ billion)
abolition of the Foreign Investment Promotion Board (FIPB) and the
introduction of composite caps in the FDI policy which permits 100 Services Sector
per cent FDI under automatic route for any financial sector activity
which is regulated by any financial sector regulator. Computer Software &
Hardware
▪ The services category has been the highest recipient of FDI inflow in
India at US$ 82 billion during April 2000-March 2020. Telecommunications

82.00 Construction
development

Trading

25.66 Hotel and Tourism

44.91 Information &

37.27 Broadcasting

Hospital & Diagnostic

Centres

Consulatncy Services

Sea Transport

Source: Department of Industrial Policy and Promotion

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 Services

INDUSTRY
ASSOCIATIONS
 KEY INDUSTRY ASSOCIATIONS

Indian Banks' Association Directorate General of Civil Aviation (DGCA)

World Trade Centre, 6th Floor Address: Aurobindo Marg, Opp. Safdarjung Airport,
Centre 1 Building, New Delhi –110 003
World Trade Centre Complex,
Phone: 91 11 24622495
Cuff Parade, Mumbai - 400 005, India
Fax: 91 11 24629221
E-mail: [email protected]
E-mail: [email protected], [email protected]

Association of Unified Telecom Service Providers of India

Hotel Association of India (HAI)
(AUSPI)
Address: B 212–214 Address: B-601, Gauri Sadan 5, Hailey Road, New Delhi – 110 001,
Som Dutt Chamber-I, India
Tel: 91 11 23358585
Bhikaji Cama Place,
Fax: 91 11 23327397
New Delhi – 110 066
Website: http://www.auspi.in/
Phone: 91-11-2617 1110/14
Fax: 91-11-2617 1115

National Association of Software and Services Companies

Services Export Promotion Council (SEPC)
(NASSCOM)
Address: International Youth Centre Teen Murti Marg, Chanakyapuri, Address: 3rd Floor, 6A/6, NCHF Building, Siri Fort Institutional Area,
New Delhi – 110 021 August Kranti Marg
Phone: 91 11 2301 0199 New Delhi-110049
Fax: 91 11 2301 5452 Phone: +91 11-41046327-28-29, +91 11-41734632
E-mail: [email protected]. E-mail: [email protected]
Website: www.servicesepc.org

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 Services

USEFUL
INFORMATION
 GLOSSARY

▪ CAGR: Compound Annual Growth Rate

▪ FDI: Foreign Direct Investment

▪ FY: Indian Financial Year (April to March)

▪ GOI: Government of India

▪ INR: Indian Rupee

▪ US$: US Dollar

▪ Wherever applicable, numbers have been rounded off to the nearest whole number

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 EXCHANGE RATES

Exchange Rates (Fiscal Year) Exchange Rates (Calendar Year)

Year INR INR Equivalent of one US$ Year INR Equivalent of one US$

2004–05 44.95 2005 44.11

2005–06 44.28 2006 45.33
2006–07 45.29 2007 41.29
2007–08 40.24 2008 43.42
2008–09 45.91
2009 48.35
2009–10 47.42
2010 45.74
2010–11 45.58
2011 46.67
2011–12 47.95
2012 53.49
2012–13 54.45
2013 58.63
2013–14 60.50
2014 61.03
2014-15 61.15
2015 64.15
2015-16 65.46
2016-17 67.09 2016 67.21

2017-18 64.45 2017 65.12

2018-19 69.89 2018 68.36

2019-20 70.49 2019 69.89

Source: Reserve Bank of India, Average for the year

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