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INDIA'S SERVICES EXPORTS RISE 9.8 PC TO USD 180 BILLION IN FYTD25: BANK OF BARODA REPORT
The Business Guardian
|October 21, 2024
This improvement was driven by a significant drop in gold imports, which corrected sharply to USD 4.4 billion from USD 10.1 billion in the previous month.
India's services sector continued to perform well, with services exports rising by 9.8 per cent to USD 180 billion in the fiscal year-to-date, while services imports increased by 9.6 per cent to USD 62.9 billion, according to Bank of Baroda report.
This resulted in a services trade balance of USD 82.6 billion, higher than in the same period last year. However, sequential growth in services exports and imports has been modest.
The current account deficit (CAD) for FY25 is expected to remain within 1 per cent to 1.2 per cent of GDP. Stable Foreign Direct Investment (FDI) flows and strong Foreign Portfolio Investment (FPI) inflows, driven by favorable interest rate differentials and policies aimed at integrating India into global supply chains, will help support the external account.
यह कहानी The Business Guardian के October 21, 2024 संस्करण से ली गई है।
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