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Services exports hit $250bn for 1st time

NEW DELHI: India’s services exports rose over 21% during the last financial year and for the first time touched $250 billion, taking the value of goods and services exported from the country to almost $670 billion, which was an all-time high.
The government had initially set a target of $225 billion services exports for the last financial year. The $250-billion exports (provisional exports) were higher than the $213 billion 2019-20, which was the earlier record.
“Services sector achieved the all-time high despite services such as tourism, aviation and hospitality industry being severely affected due to the Covid-19 pandemic,” commerce and industry minister Piyush Goyal said at a press conference.
Unlike goods, where India has a large deficit, on the services front there was a trade surplus of $105 billion in 2021-22 against $88.6 billion in the previous year. Services imports are estimated to have increased 23.2% during the last financial year to around $145 billion.
India’s overall trade, comprising goods and services, was estimated to have increased by 34%, with merchandise exports pegged at close to $420 billion. While there was a trade deficit of $192 billion on the goods side, thanks to the surplus on the services front, the combined trade deficit was estimated at $87 billion.
Going forward, Goyal said, the trade agreements will further aid exports at a time when the government had given special attention to exports. He said IT exports will get a boost due to the trade agreement with Australia. “India has moved beyond low-cost services such as BPOs to software, business services and high-level research services as income and salary levels are improving,” the minister said.




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