Services Exports

The last decade saw a growth rate of 8.7 per cent, which made India one of the fastest-growing exporters of commercial services

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The country's services exports have touched USD 192 billion so far this fiscal and are expected to reach USD 400 billion by the end of 2023-24, SEPC said on Wednesday. Services Export Promotion Council (SEPC) said that key sectors which are recording healthy growth rates include telecom, computer, information, and transport and travel. The council is also engaged in formulating strategies to propel the sector's growth, it said. "As of the latest report, the services sector has demonstrated progress, with over USD 191.97 billion already accomplished out of the targeted USD 400 billion," the council added. It added that sectors like tourism, hospitality, and medical value tourism which suffered due to COVID-19 are now showing revival signs. In addition to this, sectors like legal, auditing, higher education, accounting, and logistics are showing good growth. "At SEPC, our mission is clear, to guide the services sector in India's pursuit of achieving USD 400 billion by 2024 and USD 1

The RBI's numbers are provisional, but further updated, and final figures are usually published quarterly as part of the country's overall balance-of-payments data

The trade deficit narrowed to $20.67 billion in July from $25.45 billion a year ago but widened from $18.76 billion in June

Seeking a repeat of the East Asian model of merchandise export-led growth is a chimera. For India, services drive export growth, writes T N Ninan

The credibility of foreign trade policies will improve if they are not obsessed with setting export targets

Buoyed by a significant jump in exports during 2022-23, Services Export Promotion Council (SEPC) on Wednesday said the healthy growth trend will continue and shipments are expected to reach up to USD 400 billion this fiscal. During 2022-23, the country's services exports rose by 42 per cent to USD 322.72 billion from USD 254 billion in 2021-22, according to provisional data from the commerce ministry. "The services sector had targeted USD 300 billion but accomplished USD 322 billion. Subject to the final data we might touch USD 350 billion in 2022-23 and based on the current trend and the continuing growth our estimate is around USD 375 billion to USD 400 billion for 2023-24," SEPC Chairman Sunil H Talati told PTI. Sectors that contributed to the services exports growth during the last fiscal include travel, transport, medical, and hospitality, he said. He added that the council has been working tirelessly in collaboration with the government to catapult services sector growth with

Services exports likely to see sharper jump, estimated to cross $320 billion in FY23 from $254 billion a year ago

India's services exports rose 24.5% on year in October-December 2022, hitting a record $83.4 billion during the quarter, shows data

Funding research in a set of autonomous or private knowledge organisations will help

Services exports, however, grew over 36 per cent in February at $29.15 billion, according to the Department of Commerce's estimates

Notwithstanding the threat of a recession looming ahead for the developed economies, exporters say they expect a similar trend to continue in the second half of the year

The UK government on Wednesday announced a ban on services exports to Russia over the ongoing conflict with Ukraine, cutting Moscow off any business with UK sectors

While Covid hit services exports harder than manufacturing, the share of the former in global services exports seems to support the call experts have made in favour of the sector

Instead of focusing on one over the other, India needs to view services and manufacturing as complementary, not exclusive activities

If India were trading in only goods, a massive deficit of about $150 bn would have forced down the rupee's value, making Indian manufactured goods cheaper in export markets, writes T N Ninan

The facility to claim benefits under SEIS on payments in Indian currency will not be available for services rendered in FY20

The scheme - Duty Remission of Export of Services Scheme or DRESS - will reimburse the un-refunded taxes and duties embedded in services exports

Services exports are estimated to have grown 28.68 per cent YoY to $21.17 billion in April