After recording double-digit growth for two consecutive years, India's services exports decelerated in FY24 to a three-year low, with a modest increase of 4.9 per cent to $341.1 billion, data released by the Reserve Bank of India showed.
However, net services exports grew at a robust pace of 13.6 per cent to $162.8 billion as services imports contracted 2 per cent to $178.3 billion during the financial year ended March 31.
Madan Sabnavis, chief economist at Bank of Baroda, said slower services exports growth may be attributed to base effect as well as lower demand due to just about stable growth in developed economies.
This story is from the May 04, 2024 edition of Business Standard.
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This story is from the May 04, 2024 edition of Business Standard.
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