The country’s services exports are doing “extremely well” and going by the current trend these outbound shipments would register about 20 per cent growth in this fiscal and cross the USD 300 billion target despite global economic uncertainties, Commerce and Industry Minister Piyush Goyal has said. He said that on the merchandise front also, exports are so far registering healthy growth despite the world being under recession, huge inflationary pressure, and overstocking of various commodities. With all these stress, where every global leader is talking of “very” tough times, India’s exports rose 9 per cent year-on-year during April-December 2022-23.
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The Ministry of Commerce and Industry announced that it is working on a plan to reach a services export target of USD 1 trillion by 2030.
India is the world’s seventh-largest services exporter. Share of the services sector accounted for 54% of the total Gross Value Added (GVA) in FY21. The services sector is a key driver of India’s economic growth, providing employment to nearly 26 million and contributing about 40% to India’s total global exports. The services sector has also been the largest recipient of foreign direct investment, making up for 53% of the total inflows between 2000 and 2021.
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