India’s service exports likely to touch USD 400 bn this fiscal: SEPC

New Delhi, Apr 20 (KNN) The Services Export Promotion Council (SEPC) on Wednesday said that the service exports from India are expected to reach USD 400 billion during 2023-24.

During 2022-23, the country's services exports rose by 42 percent to USD 322.72 billion from USD 254 billion in 2021-22, according to provisional data from the commerce ministry.

SEPC Chairman Sunil H Talati said, "The services sector had targeted USD 300 billion but accomplished USD 322 billion. Subject to the final data we might touch USD 350 billion in 2022-23 and based on the current trend and the continuing growth our estimate is around USD 375 billion to USD 400 billion for 2023-24.”

Sectors with most contribution to the export last fiscal included travel, transport, medical, and hospitality etc.

Talati pointed out that export of IT and IT-enabled services is going strong and is highly likely to maintain the growth momentum. The travel sector is catching up soon.

“The post-pandemic economic recovery has created an increasing demand for goods and services from foreign markets, the stabilisation of freight charges and the normalisation of supply chains are positive developments for the transport sector,” he said.

India's service exports have historically been concentrated in North America and Europe, but there is also significant potential for growth in emerging markets such as Asia, Africa, and Latin America.  (KNN Bureau)