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Economic Survey 2022: Recovery in services sector, but COVID-19 impacts contact-based services

While Gross Value Added (GVA) of services crossed the pre-pandemic level in the second quarter of 2021-22, quarterly GVA of subsector trade, hotels, transport, communication and services related to broadcasting below pre-pandemic level.

January 31, 2022 / 03:49 PM IST

The services sector witnessed recovery from the impact of the nationwide lockdown imposed during March-May 2020 and localised lockdowns during the second COVID wave in April-May 2021.

During the first half of 2021-22, the services sector grew by 10.8 percent. The Gross Value Added (GVA) of services crossed the pre-pandemic level in the second quarter of 2021-22.

As per the first advance estimates, GVA of the services sector is estimated to grow by 8.2 percent in 2021-22, said the Economic Survey that was presented by Finance Minister Nirmala Sitharaman on January 31, detailing the state of the economy ahead of the government's Budget for the fiscal year beginning April 1, 2022.

Although the spread of the Omicron variant brings in a degree of uncertainty for the near term, especially in segments that require human contact.