The commerce ministry informed that India’s services exports set a new record of USD 254.4 billion in 2021-2022. Top contributors in Services exports during April-December 2021 were telecommunications, computers, information services, business services and transport.
India’s overall exports, i.e., Services and Merchandise, touched USD 676.2 Billion in FY 21-22 as both services and merchandise hit record high exports. For FY23, India recorded exports in the month of April at USD 38.19 billion, an increase of 24.22% over USD 30.75 billion in April 2021.
India had reached a record USD 421 billion in 2021-22, registering a phenomenal 44.6 percent growth over the previous year. The previous high of services export was at USD 213.2 Billion in 2019-20. Services exports hit an all-time monthly high of USD 26.9 Billion in March 2022.
The government’s focus on opening new avenues of trade through FTAs/ECTA/CEPA and the Production-Linked Incentive are major factors for this boost in exports. India’s services sector GVA increased at a CAGR of 11.43% to Rs. 101.47 trillion in FY20, from Rs. 68.81 trillion in FY16.
By 2025, the healthcare industry is expected to touch US$ 372 billion. India’s IT and business services sector is expected to reach US$ 14.3 billion with 8% growth, whereas the software service industry is forecasted to touch US$ 1 trillion by 2030.
