India, Jan. 31 -- Acknowledging the importance of the Service Sector, it has been termed as 'Old War Horse' in the Economic Survey 2024-25 tabled in the Parliament today by Union Minister of Finance and Corporate Affairs Nirmala Sitharaman.

"The service sector has been fuelling growth both domestically and globally. In FY25 so far, services propped up GDP growth when manufacturing has been affected by dampening global merchandise trade. The critical role of services exports in strengthening India's external balance and the increasing 'servicification' of the industrial sector adds to its importance to the Indian Economy," highlights the Economic Survey 2024-25.

India's services sector has been the steadiest contributor to the Gross Valu...