Summary:

By 2030, India's services exports are expected to exceed its merchandise exports, reaching Rs. 4,82,797 crore (US$ 618.21 billion) compared to Rs. 4,81,849 crore (US$ 613.04 billion). Software and IT services contributed 56.2% of the sector's growth in FY24, while business services such as legal and consulting accounted for 33.2%. Innovations in AI, IoT, and digital transformation are driving global demand.

India excels in IT and OBS but lags in key global trade sectors such as transportation, tourism, and financial services. In FY24, services exports totalled Rs. 2,80,425 crore (US$ 339.62 billion), while merchandise exports dropped to Rs. 3,61,250 crore (US$ 437.06 billion). The GTRI proposes increasing IT exports, exploring non-Gulf markets for OBS, and enhancing involvement in underrepresented sectors to sustain growth and improve India's global standing.

Source: IBEF 

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