In the ongoing fiscal year 2022-23, India’s services exports have achieved a commendable milestone, amounting to US$ 192 billion as of December 13, 2023. This accomplishment positions the sector well on track to meet its ambitious target of US$ 400 billion by the conclusion of the financial year 2023-24, according to information provided by the Services Export Promotion Council (SEPC). Noteworthy contributors to this growth include sectors such as telecom, computers, information, transport, and travel. The SEPC is actively formulating strategic initiatives to propel further expansion within the services sector.
The latest report reveals that the services sector’s performance stands at US$ 191.97 billion, marking significant progress towards the envisaged US$ 400 billion target. The SEPC highlights the resilience exhibited by sectors like tourism, hospitality, and medical value tourism, which, despite challenges induced by the pandemic, are now showing signs of recovery. Additionally, sectors such as legal, auditing, higher education, accounting, and logistics are displaying notable growth.
Mr. Karan Rathore, Chairman at SEPC, articulates the council’s unwavering commitment to guiding India’s services sector toward achieving the ambitious target of US$ 400 billion by 2024. Furthermore, the council envisions 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 mandated to facilitate global business opportunities for India’s services sector. The SEPC’s commitment aligns with broader economic objectives, positioning India as a formidable player in the global services market.
The remarkable progress of the services sector, with over US$ 191.97 billion achieved, underscores its resilience and potential for substantial contributions to India’s overall economic landscape. As India continues to establish 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.
