SEPC Chief pegs services exports growth at $400 bn in FY24

New Delhi, Mar 25 (KNN) In the next financial year, India’s services exports is expected to rise up to USD 375-400 billion, Services Export Promotion Council (SEPC) chairman Sunil H Talati told FE. 

He credited the strong demand from developed countries despite the headwinds to merchandise exports from global uncertainties for the likelihood of the rise in services exports.

During April-February 2022-23, the value of services exports was USD 296.94 which was up 30.5 per cent on year.

While imports were up 24.5 per cent on year at USD 164 billion. 

Services trade surplus surged 38.6 per cent on year to reach USD 132.95 billion during the period.

“In March 2022, I had forecast service export of USD 325 billion in FY23. At that time, people were sceptical. Later, commerce minister estimated it to be USD 350 billion in FY23. Fortunately, by March 2023, we will cross USD 350 billion,” Talati told FE.

“The way things are opening up, particularly in accounting, auditing, legal and medical and education, SEPC target for service exports will be USD 375-400 billion next year,” he said.   (KNN Bureau)