India exports services worth USD 13-14 billion a month
Updated: Jun 16, 2014 12:05:06pm
New Delhi, Jun 16 (KNN) India remains a powerhouse of services for the global market with exports aggregating USD 13-14 billion a month. The country is also a large consumer of the global services with imports totalling USD eight billion a month leaving it with a surplus on this account of about USD 4-5 billion a month.
Indications from the data released by the Reserve Bank of India suggests that the export of services from India may exceed USD 150 billion in the fiscal 2014-15 while imports may be slightly under USD 100 billion giving the country a total of USD 50 billion or about surplus on this head.
This would also help India keep a check on the overall current account deficit which is largely driven by the trade deficit which is in the near about of USD 190 billion. However with the slowdown the imports of merchandise too have been on the decline.
Net-net, India is an importing country with the bulk of the imports being accounted by the crude oil, gold, edible oil and industrial machinery.
Services account for over 65 per cent of the economy and their exports are largely driven by the IT and IT-enabled services, mainly going to the US. (KNN Bureau)
Indications from the data released by the Reserve Bank of India suggests that the export of services from India may exceed USD 150 billion in the fiscal 2014-15 while imports may be slightly under USD 100 billion giving the country a total of USD 50 billion or about surplus on this head.
This would also help India keep a check on the overall current account deficit which is largely driven by the trade deficit which is in the near about of USD 190 billion. However with the slowdown the imports of merchandise too have been on the decline.
Net-net, India is an importing country with the bulk of the imports being accounted by the crude oil, gold, edible oil and industrial machinery.
Services account for over 65 per cent of the economy and their exports are largely driven by the IT and IT-enabled services, mainly going to the US. (KNN Bureau)
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