INDIA'S SERVICES EXPORTS are expected to overtake merchandise exports in the next five years on the back of above-par growth in emerging areas of service economy, a senior official at the Service Export Promotion Council said Thursday.
"Our projections show that by 2027-28 services exports would touch $780 billion, a tad above goods exports that year," director general of the council Abhay Sinha said.
For the current financial year the council has set a target of $400 billion for services exports, a 23% growth from FY23, when the exports totalled $325 billion. Last year services exports grew 27% while merchandise exports were up 6.7% on year to $450 billion.
The Federation of Indian Export Organisations estimates that merchandise exports will grow to $500 billion this fiscal. Services exports will be $100 billion less than goods exports this year.
This story is from the May 26, 2023 edition of Financial Express Mumbai.
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This story is from the May 26, 2023 edition of Financial Express Mumbai.
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