Services exports grew at 16.2% during Apr-Sept: Economic Survey

The Dollar Business Bureau

India’s services sector registered a robust export growth of 16.2% during the first six months of the current fiscal while the import of services into the country were increased by 17.4% during the period, according to the Economic Survey 2017-18.

“During the period April-September 2017-18, growth in services exports and services imports were robust at 16.2% and 17.4%, respectively, said the Survey tabled in the Parliament on Monday by Finance Minister Arun Jaitley.

In 2016-17, the exports from the sector recorded a growth of 5.7%.

“India remained the eighth largest exporter in commercial services in the world in 2016 with a share of 3.4%. This is double the share of India’s merchandise exports in the world at 1.7%, the Survey pointed out.

The Survey, prepared by Chief Economic Advisor Arvind Subramanian, mentioned that in order to boost services exports, the Government in its mid-term review of Foreign Trade Policy (FTP) 2015-2020, has increased incentives under the Services Exports from India Schemes (SEIS) by 2%, leading to an additional annual incentive of Rs.1,140 crore. This could help the exports from services including hospital, hotel & restaurant, educational services etc.

“Although world trade volume of goods and services is projected to accelerate in 2018, enhanced global uncertainty, protectionism and stricter migration rules would be key factors in shaping India’s services exports,” it added.