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Service Sector Export of India is increasing rapidly. It is expected to cross $300 billion in the current financial year. At the same time, preparations are also going on to take the export figure of India’s service sector beyond $ 01 trillion. Service Export Promotion Council Director General Abhay Sinha (SEPC Director General Abhay Sinha) gave this information.
SEPC hopes for these reasons
According to a PTI report, SEPC Director General Abhay Sinha said that the measures taken to support the foreign trade policy can help in increasing exports further. He said that opportunities are being seen to capitalize on global opportunities, so that the target of taking service sector exports beyond 01 trillion by the year 2030 can be achieved.
Sinha said that sectors like Information Technology (IT), ITES, Tourism and Healthcare are helping in increasing the growth of service exports. He said that the rate at which the service sector exports are increasing in the current financial year, it can cross the level of $300 billion.
Now this much is service export
According to the data of the Ministry of Commerce, the estimated value of exports of the service sector during the first 10 months of the current financial year i.e. April 2022 to January 2023 has been $ 272 billion. Its value was $ 206.28 billion in the same period a year ago. The highest ever figure of service sector exports is $ 254 billion, which was achieved in 2021-22.
These sectors contribute more
According to statistics, IT and ITS contribute 40 to 45 percent to the total exports of the service sector. It is followed by travel and tourism, education and financial services including banking. Developed countries have the largest share in India’s service sector exports. Free trade agreements with the United Arab Emirates and Australia can prove to be more helpful in increasing the exports of the service sector.
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