Services exports breached the revised target to hit a record $254.4 billion last fiscal, having , despite Covid-related curbs on sectors like tourism and aviation.
According to a statement issued by the commerce ministry on Wednesday, services exports in March stood at $26.9 billion, a record for any month and up 29.3% from a year ago. Such imports grew 25% in March to $15.3 billion. According to the latest available disaggregated data, telecommunications, computer & information services and other business services were the top contributors to services exports in the first three quarters of FY22.
Services exports were to the tune of $206 billion in FY21, down over 3% from a year ago in the wake of the Covid outbreak. Given that outbound merchandise shipments hit a record $421.8 billion, the country’s total exports reached a fresh peak of $676.2 billion in FY22, way above the earlier record of $538 billion achieved in FY20 and almost $498 billion in the pandemic year of FY21.
Commenting on the buoyant growth in services exports, commerce and industry minister Piyush Goyal recently said his ministry had to revise the targets for FY22 twice from the initial goal of $225 billion to $250 billion. India has moved up the value chain in services in recent years, well beyond just BPO services, he had added.
Between April and December 2021, exports of telecommunications, computer and information services stood at $91.95 billion, way above such imports of $10.48 billion.
Exports of “other business services” – which included professional & management consulting services and technical, trade-related, and other business services – touched $42.13 billion up to December last fiscal, while imports were to the tune of $37.81 billion.