Services exports hit US$ 192 billion so far this fiscal: SEPC

On December 13, 2023, In the ongoing fiscal year 2022-23, India's services exports have achieved US$ 192 billion, a notable accomplishment that anticipates reaching a target of US$ 400 billion by the conclusion of the financial year 2023-24, as disclosed by the Services Export Promotion Council (SEPC). Key contributors to this growth include telecom, computers, information, transport, and travel. The SEPC is actively formulating strategic initiatives to further propel the sector's expansion.

As per the most recent report, the services sector's performance stands at US$ 191.97 billion, demonstrating significant progress towards the envisaged US$ 400 billion target. The SEPC emphasizes the resilience of sectors like tourism, hospitality, and medical value tourism, which, despite pandemic-induced challenges, are now exhibiting signs of recovery. Additionally, sectors including legal, auditing, higher education, accounting, and logistics are demonstrating notable growth.

Chairman at SEPC, Mr. Karan Rathore unequivocally articulates the council's mission to guide India's services sector towards achieving the ambitious target of US$ 400 billion by 2024, further envisioning a momentous milestone of US$ 1 trillion in services exports by 2030.

Established by the Ministry of Commerce and Industry, the Services Export Promotion Council is entrusted with the mandate to facilitate global business opportunities for India's services sector. The SEPC's commitment to fostering substantial growth aligns with the broader economic objectives of the nation, positioning India as a formidable player in the global services market.

The services sector's remarkable progress, with over US$ 191.97 billion already accomplished, underscores the resilience and potential for substantial contributions to India's overall economic landscape. As India continues to position itself as a major services exporter, the SEPC's proactive strategies aim to capitalize on emerging opportunities and navigate challenges, ensuring sustained growth in the sector.

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