New Delhi, Apr 30 (KNN) According to a report titled 'India's rise as the emerging services factory of the world' by Goldman Sachs, India's services exports are projected to soar from USD 340 billion in 2023 to a staggering USD 800 billion by 2030.

This surge in services exports is expected to fortify the external sector's resilience against supply-side shocks and mitigate rupee volatility.

The report's baseline scenario suggests that by 2030, services exports could account for approximately 11 per cent of India's GDP, up from 9.7 per cent in 2023.

Assuming no significant fluctuations in commodity prices and the goods trade balance beyond 2024, the report forecasts a current account deficit of 1.1 per cent of GDP.

Earlier in March, Commerce and Industry Minister Piyush Goyal expressed confidence that India's goods and services exports for the fiscal year 2023-24 will match the previous year's levels, despite economic headwinds and uncertainties in global trade.

He further asserted that government initiatives such as production-linked incentive schemes and a focus on high-quality goods and services would aid in containing the country's trade deficit.

Aligning with this growth trajectory, India's foreign trade policy, announced in 2023, has set an ambitious target of USD 1 trillion in service exports by 2030, underscoring the sector's strategic importance for the nation's economic development.

(KNN Bureau)