India's overall exports, merchandise and services combined, in the month of June were to the tune of USD 68.29 billion, a 10.2 rise on a yearly basis, commerce ministry data showed on Friday.
Additionally, India has provided concessions in 105 sub-sectors, such as IT, healthcare, and accounting, expected to boost its services exports to EFTA countries.
India's services exports, in US dollar terms, grew at a robust compound annual growth rate (CAGR) of more than 14 per cent over the last 30 years (between 1993 and 2022), significantly higher than India's merchandise export growth (10.7 per cent) as well as world services export growth (6.8
China, Russia, Iraq, UAE, Singapore are among countries where India's exports in the just-concluded financial year have risen substantially, though with a low base.
The services sector particularly thrived due to robust local demand for consumer services and robust external demand for the country's business services exports. These factors are anticipated to remain pillars of support for growth in the upcoming year.
India's overall exports, merchandise and services combined, in February 2024 are estimated to be USD 73.55 Billion, exhibiting a positive growth of 14.20 per cent on a year-on-year basis. Of the total exports, merchandise exports were to the tune of USD 41.40 billion, as compared to USD 37.0
India's current account deficit narrowed sharply in the January-March 2023 quarter, RBI data showed on Tuesday, attributable to a moderation in the trade deficit and robust services exports.
Union minister Piyush Goyal has said that India's overall export figure for last year had already crossed in the month of February and expressed confidence that merchandise and services exports would touch USD 750 billion in 2022-23 (April-March).
The commerce secretary also said, "While IT/IT-enabled services and business services have maintained their robust growth, transportation and financial services exports have grown at more than 35 per cent during April-September 2022."
RBI Governor Shaktikanta Das said, "The situation has shown improvement in Q3:2022-23 (third quarter or October-December) as imports moderated in the wake of lower commodity prices, resulting in narrowing of the merchandise trade deficit."
The Survey said, "Merchandise exports were USD 332.8 billion over April-December 2022 against USD 305 billion during the period April-December 2021. Nonpetroleum and non-gems and jewellery exports in April-December 2022 were USD 233.5 billion, as compared to USD 230 billion in April-December