ENA Sectors 2024-04-30 17:12:08 <p><span style="font-size:14px"><strong>New Delhi, Apr 30 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">This surge in services exports is expected to fortify the external sector's resilience against supply-side shocks and mitigate rupee volatility.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 37614 https://knnindia.co.in/news/newsdetails/sectors/indias-services-exports-poised-to-surge-to-usd-800-bn-by-2030-goldman-sachs 2024-04-30 17:12:08 knnindia.co.in