Services exports up 4.3 pc in 2019-20

India's services exports rose 4.3 per cent to USD 214.61 billion in 2019-20, data from the Reserve Bank showed on Friday.

The services exports or receipts were USD 18.16 billion in March 2020, while the imports or payments stood at USD 11.11 billion.

In 2018-19, the country's services exports stood at USD 205.8 billion.

Imports during 2019-20 too increased to USD 131.56 billion as against USD 125.46 billion in 2018-19.

India is one of the major economies contributing to the world services export industry. The services sector accounts for about 55 per cent of India's gross domestic product (GDP).

The data for the latest month comes with a lag of 45 days. The data published by the RBI is provisional and undergoes revision when the Balance of Payments data is released on a quarterly basis.

The country's foreign trade policy provides tax incentives under the Service Exports from India Scheme (SEIS) to several service segments.

Depending on the nature of services, the government gives duty credit scrips or certificates. The scheme offers reward at 5 per cent or 7 per cent of net foreign exchange earned and covers service providers located in India.

Currently, nine broad categories of services are covered in the list, including professional, communication, educational, environmental, tourism and transport.