Services sector expected to grow at 28% in 2021-22, says SEPC

Services Export Promotion Council (SEPC) Chairman Maneck Davar said that in the first quarter of 2021, the exports stood at $54 billion.

Seeking incentives from the government, the Services Export Promotion Council (SEPC) on Friday said services exports have been recording healthy growth rate consistently and are expected to grow by 28 per cent in 2021-22 to take the exports to nearly USD 266 billion.

Services Export Promotion Council (SEPC) Chairman Maneck Davar said that in the first quarter of 2021, the exports stood at USD 54 billion.

The increased growth can be attributed to the promising growth figures by sectors such as professional and management consulting services, audio visual and related services, freight transport services, telecommunications, computer and information services during the time of pandemic, he said.

"This performance would be better and sustainable if the government continues to incentivise the sector," Davar said.

He suggested for notification of SEIS (services exports from India scheme) 2019-20 and announcement of new foreign trade policy without further delay to remove the uncertainties in the minds of exporters.

"The government would need to focus on access and cost of capital, giving industry recognition for few of the sectors, and provide preferential market development grants to expand into new verticals such as charges for intellectual property rights, financial services, entertainment services education, and healthcare," he added.