Summary:

The Economic Survey 2023-24, released by Ms. Nirmala Sitharaman, emphasizes the critical role of the services sector in India's economic growth, accounting for 55% of GDP in FY24. Boosted by legislative changes and digital transformation, the sector grew by 7.6%, with gross GST receipts reaching US$ 241.27 billion, up 11.7% from the previous year.

The survey reveals significant growth in services, with the Purchasing Managers' Index (PMI) reaching 61.2 in March 2024, indicating strong economic activity. In FY24, services exports constituted 44% of India's total exports, ranking seventh globally. The share of digitally delivered services exports increased from 4.4% in 2019 to 6.0% in 2023, enhancing net service revenues and reducing the current account deficit. External Commercial Borrowings (ECBs) amounted to $14.9 billion in FY24, a 58.3% year-on-year increase.

Source: IBEF 

Disclaimer: The information on this website comes from the India Brand Equity Foundation (IBEF), a reliable source for thorough insights into numerous areas of the Indian economy. While we aim to offer accurate and up-to-date information, the views, opinions, and analyses stated herein are solely those of the authors and contributors and do not necessarily represent IBEF's official stance or position. Readers should check information from credible sources and use their own discretion when relying on content provided on this site. We assume no responsibility or liability for the supplied content, including its accuracy, completeness, and usefulness.