Advantage India
Robust
Demand
* India is the export hub for software services.
*India‘s Domestic IT Services market is expected to grow by 3-5% in FY25, also the operating profit for the sector to remain 21-22%.
* India's software service industry is expected to reach US$ 1 trillion by 2030.
Competitive
Advantage
*Growing participation in PPP.
* In September 2023, India retains to 40th rank in the Global Innovation Index (GII), 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$ 109 billion between April 2000- March 2024.
* According to the Ministry of Commerce and Industry, the service sector received US$ 6.6 billion in FDI equity inflows in FY24.
* 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.
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