India’s Reserve Bank (RBI) has reported that the country’s service exports have experienced an unprecedented surge of 26.6% in 2022-23, reaching US$ 322 billion. This has brought India’s services exports almost on par with merchandise exports. Let’s read this interesting milestone achieved by businesses in India..
India’s Diverse Services Exports Experience Strong Growth
India’s services exports cover a wide range of sectors, including IT, healthcare, and more.
Although the RBI does not release monthly data on services exports.
Its quarterly report on the balance of payment data provides a breakdown of services exports by category, such as transport, travel, construction, insurance and pensions, financial services, telecommunications, computer and information services, and personal, cultural, and recreational services, among others.
India’s software exports remain dominant in the services sector, but “other business services” have seen a significant rise, accounting for 24% of total services exports in the first nine months of FY23 (April-December), up from 19% in FY14.
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