Services exports clock an all-time high of over $250 billion in FY22: Eco Survey

Jan 31, 2023

Synopsis
The sector also witnessed a growth of 32.7% in April-September 2022 over the same period of FY22.

As the world saw a rising demand in digital support, India stood as a saviour. According to the Economic Survey 2022-23 released on Tuesday, India’s services exports stood at $254.5 billion in FY22 witnessing a growth of 23.5% y-o-y. This was despite pandemic induced global restrictions and weak tourism revenues.

The sector also witnessed a growth of 32.7% in April-September 2022 over the same period of FY22. Software and business services account for over 60% of India’s total services exports and registered a strong growth during the second quarter of FY23.

While these growing exports were driven by strong revenues from IT companies coming from various segments such as retail and consumer business; healthcare, banking, communications and media, there was also a significant pick-up in engineering, and research and development related services which boosted the growth in business services exports during the quarter.

[The Economic Times]