India targets $350 billion of services exports this fiscal

Despite global market challenges and recession worries, India's service exporters are targeting US$ 350 billion in exports in the current fiscal year, a 37% increase over last year. They are banking on the post-pandemic resurgence of major industries like tourism, hotel, and entertainment. They claim that this will assist to reduce the growing trade and current account imbalances.

However, the services exports industry is seeking government assistance and incentives under the new foreign trade strategy, which is expected to be presented in September, according to DG, Services Export Promotion Council (SEPC) Mr. Abhay Singh. India’s services exports in the fiscal year 2021-22 set an all-time high of US$ 254 billion despite the travel and tourist, aviation, and hospitality industries being badly damaged by the epidemic.

According to World Trade Organization forecasts, India's services export market share increased from 3% in 2010 to 3.5% in 2019 and 4% in 2020 and 2021.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.