Services sector has been a key growth driver for the Indian economy, where the country enjoys a strong trade surplus. Services trade surplus stood at US$ 76.2 billion in 2017-18 (projected) compared to US$ 67.5 billion in 2016-17.

Share of services in the Indian economy increased from 29.9% in 1951-60 to 53.7% during 2001 to 2010. The services sector had a share of 55.2% in India's Gross Value Added (GVA) and contributed around 72.5% to the GVA growth in 2017-18, according to Economic Survey 2017-18. According to UN National Accounts Statistics data, India's ranking in services has improved from 14 in 2006 to 7 in 2016, among the world's 15 largest economies in terms of GDP. In 2016-17, the sector attracted around 60.7% of India's total FDI inflows. Some of the major export sectors in services are Software Services (45.15%), Business Services (20.20%), Travel (14.25%) and Transportation (9.72%).*

The very successful Global Exhibition on Services (GES) has been institutionalized by the Government of India as an annual event to showcase India's strengths in the Services sector. The first GES was organised during April 23-25, 2015 at Pragati Maidan, New Delhi.

Overall Impact

• GES 2018 was the 4th and by far the largest edition of GES organized so far in terms of size and scale. Notably, the event witnessed the launch of 12 Champion Sectors of Services that will receive focussed attention. A dedicated fund of Rs 5,000 crore has been earmarked for these sectors.
• The event was spread over 45,000 sq mts of area with 628 Exhibitors. It saw representation from 18 Central Government Ministries, 15 States and 37 Sectoral Associations.
• 502 overseas delegates from 100 countries attended GES 2018. Furthermore, it witnessed about a 40% increase in B2B and B2G meetings, reaching a figure of 7,100.
• GES is showing immense potential as a platform for Indian services exporters to showcase their strengths and expand their horizons in the global marketplace.
• Initiatives like the Global Exhibition on Services (GES) have paid rich dividends in boosting services exports from US$ 158 billion in 2014-15 to US$ 192 billion in 2017-18 with a growth of 21.52%. IT exports in particular have grown from US$ 87.3 billion in 2013-14 to US$ 126 billion in 2017-18.

*Figures in brackets pertain to share of total services exports

Last updated: August, 2018