India is rapidly transforming into a global leader in services exports, with the sector recording a compound annual growth rate (CAGR) of 14.8% over the past 30 years—significantly higher than the 9.8% growth seen in goods exports, according to a report by the National Stock Exchange (NSE). Currently ranking seventh in the world for service exports, India holds a 4.3% global market share, primarily fueled by telecom, IT, and business services, which together account for nearly three-fourths of the country’s total service exports.
Technology exports alone surpassed $200 billion in fiscal year 2025, underscoring the sector’s expanding global influence. The country has also emerged as the world’s largest base for Global Capability Centres (GCCs)—specialized offshore units established by multinational corporations for operations, research, and support functions. The number of GCCs in India has grown from 1,430 in FY2019 to 1,700 in FY2024 and is projected to reach 2,200 by FY2030, employing nearly 2.6 million professionals. The GCC industry’s value is expected to grow from $40 billion in FY2019 to $100 billion by FY2030, reflecting India’s growing dominance in global business services.
A series of structural reforms have underpinned this progress. Key policy initiatives such as the Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC), Real Estate Regulation Act (RERA), and corporate tax reductions have strengthened India’s economic foundation. Reforms like faceless tax assessments, simplified labor laws, and performance-linked incentive schemes have enhanced investor confidence, while privatization, foreign direct investment (FDI) expansion, and internationalization of the Unified Payments Interface (UPI) have positioned India as a globally competitive economy.
On the social front, flagship programs such as the Ujjwala Yojana—providing over 100 million LPG connections—and the Swachh Bharat Mission—under which more than 120 million toilets were built—have significantly improved living standards. Financial inclusion initiatives like the Jan Dhan Yojana have further empowered millions of households, contributing to economic stability and growth.
With a young, dynamic workforce and increasing global participation, India is on track to become a $5 trillion economy in the coming years. The NSE projects real GDP growth between 6.3% and 6.8%, with nominal growth expected around 12%. At this trajectory, India is set to surpass Japan and Germany to become the world’s third-largest economy by 2027.
The report outlines a comprehensive growth strategy emphasizing private investment, MSME development, education-to-employment alignment, green financing, and agricultural innovation. With these initiatives, India is not only cementing its place in global trade but also steering toward inclusive, sustainable, and technology-driven growth.
