New Delhi: Services exports are recording a healthy growth rate and going by this trend, the outbound shipments will cross $300 billion in 2022-23, and tapping global opportunities would help achieve $1 trillion target by 2030, SEPC said Sunday.
Services Export Promotion Council (SEPC) Director General Abhay Sinha said support measures in the forthcoming foreign trade policy (FTP) would help further boost the exports.
Performance of sectors including IT, ITeS, tourism and healthcare is helping the exports register significant growth rates, he said.
“Going by the current growth rate, the services exports will cross $300 billion this fiscal,” Sinha said.
According to the data of the commerce ministry, the estimated value of services exported in April-January 2022-23 is $272 billion as compared to $206.28 billion in the year-ago period. In 2021-22, these exports touched an all-time high of $254 billion.
IT and ITeS account for 40-45 per cent share in the exports. It is followed by travel and tourism, education, and financial services like banking, and accountancy.
Developed countries are contributing the maximum share in these exports, he said adding Commonwealth of Independent States (CIS) countries hold huge potential to increase exports.
“Export support measures will help in enhancing the competitiveness of the sector and free trade agreements with the UAE and Australia are helping explore new markets and increase shipments,” Sinha said.
He said the $1 trillion target by 2030 is not ambitious and the industry can achieve this with the help of the government.
PTI