According to the Global Trade Research Initiative (GTRI), India’s services exports are projected to surpass its goods exports by the financial year 2030. This shift reflects the growing prominence of India’s services sector, which has been expanding rapidly in recent years, particularly in information technology (IT), business process outsourcing (BPO), and financial services.
Source:- bbc news
The GTRI report highlights the strong growth trajectory of India’s services exports, which have consistently outperformed goods exports in recent years. In FY23, services exports accounted for over 50% of India’s total exports, a trend that is expected to accelerate as the global demand for services continues to rise. The IT and software services sectors are expected to be key drivers of this growth, with India already being a global leader in outsourcing and software development.
Source:- news 18
India’s services sector is also benefiting from increasing global digitalization, which is fueling demand for Indian digital services, including cloud computing, cybersecurity, and digital marketing. Additionally, India’s well-established pool of skilled professionals, competitive labor costs, and strong educational infrastructure make it an attractive destination for foreign businesses seeking outsourcing and offshoring opportunities.
The shift in export composition from goods to services is also reflective of broader global trends, with many developed economies increasingly focusing on services rather than traditional manufacturing. The government’s push for “Make in India” and “Atmanirbhar Bharat” (self-reliant India) initiatives are also expected to complement the growth of the services sector.
As the services sector continues to expand, India is poised to become a global powerhouse in services exports, contributing significantly to its economic growth and job creation. The GTRI’s forecast underscores the importance of enhancing digital infrastructure and workforce development to ensure the sector’s continued success.
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