Services Sector in India

In FY23, India's services exports rose by 42% to US$ 322.72 billion from US$ 254 billion in FY22 and are expected to reach US$ 400 billion in FY24.

Advantage India

Robust
Demand

* India is the export hub for software services. The Indian IT outsourcing service market is expected to witness 6–8% growth between 2021 and 2024.

* India‘s IT and business services market is projected to reach US$ 19.93 billion by 2025.

Competitive
Advantage

* In September 2021, India moved up two spots to 46 in the Global Innovation Index (GII) 2021, due to successful advancements in services that are technologically dynamic and can be traded internationally.

Policy
support

* Government is promoting necessary services and will charge zero tax for education and health services under the GST regime.

* Centre has formulated ‘Action Plan for Champion Sectors in Services’ to give focused attention to 12 identified Champion Services Sectors.

Increasing
Investments

* The Indian services sector was the largest recipient of FDI inflows worth US$ 100.70 billion between April 2000-December 2022.

* According to the IVCA-EY monthly PE/VC roundup, October 2022 recorded investments worth US$ 3.3 billion across 75 deals, including six large deals worth US$ 2.2 billion.

* According to the Ministry of Commerce and Industry, the service sector received US$ 7.1 billion in FDI equity inflows in FY22.

Last updated: Sep, 2023

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