service exports: Services exports to cross $300 bn this fiscal; $1 trillion achievable by 2030: SEPC

Services exports are recording a healthy growth rate and going by this trend, the outbound shipments will cross USD 300 billion in 2022-23, and tapping global opportunities would help achieve USD one trillion target by 2030, SEPC said on Sunday. Services Export Promotion Council (SEPC) Director General Abhay Sinha said support measures in the forthcoming foreign trade policy (FTP) would help further boost the exports.

Performance of sectors including IT, ITeS, tourism and healthcare is helping the exports register significant growth rates, he said.

“Going by the current growth rate, the services exports will cross USD 300 billion this fiscal,” Sinha said.

According to the data of the commerce ministry, the estimated value of services export in April-January 2022-23 is USD 272 billion as compared to USD 206.28 billion in the year-ago period. In 2021-22, these exports touched an all-time high of USD 254 billion.

IT and ITeS accounts for 40-45 per cent share in the exports. It is followed by travel and tourism, education, and financial services like banking, and accountancy.

Developed countries are contributing maximum share in these exports, he said adding Commonwealth of Independent States (CIS) countries holds huge potential to increase the exports.

“Export support measures will help in enhancing competitiveness of the sector and free trade agreements with the UAE and Australia are helping explore new markets and increase shipments,” Sinha said.

He said the USD one trillion target by 2030 is not ambitious and the industry can achieve this with the help of the government.