India’s services exports are projected to reach USD 325 billion in 2022-23 on the back of growing demand for services across sectors and gradual resumption of regular international travels, said SEPC Chairman Sunil H Talati.
According to him, by the end of the current fiscal, services exports would amount to USD 250 billion.
According to the projections, the services export for the trailing April-January 2021-22 period would be USD 209.83 billion, showing a positive growth of 25.31 percent, as against USD 167.45 billion a year ago.
“With the hope of COVID-19 waning away soon, demand for all kinds of services is increasing in the global markets, so we are setting an ambitious target of USD 325 billion in 2022-23,” Talati, Chairman of Services Export Promotion Council (SEPC) said.
He said supportive measures on account of the new foreign trade policy would further support the outbound shipments. It had earlier set up the alternative scheme to SEIS (Services Export from India Scheme) – DRESS (Duty Remission on Export of Services Scheme) to boost exports.
Despite the pandemic, the services sector has managed to showcase 90-91 per cent same results as a year ago in terms of overall exports, Talati said. He further added the services exports have grown at a compound annual growth rate (CAGR) of 8-9 per cent for the last two decades, and the sector is the eighth largest in the world and second in the Asia Pacific region.
“We need to have a system of incentive for services exports,” Talati said.