Services Exports

Ahead of the GST Council meeting, IT-ITES industry body Nasscom has flagged two outstanding issues on services exports -- the treatment of services supplied through branches abroad, and R&D done in India on prototypes provided by overseas customers. Nasscom Vice President and Head of Public Policy Ashish Aggarwal, in a statement, said that Indian service exporters often serve overseas customers through branches abroad, and added that the way a company organises its overseas presence should not, by itself, decide whether a service supplied from India is treated as an export. "Clarity on this would support competitiveness, release working capital and reduce the litigation the industry has faced over the years," Aggarwal said. The Goods and Services Tax (GST) Council is scheduled to meet on October 8. According to Nasscom, another issue arises when an Indian team carries out R&D, engineering or testing on a prototype or sample that an overseas customer provides in India. "The ...

Proposed changes seek to widen the definition of services exports, ease rules around overseas branches and allow faster GST refunds through a risk-based mechanism

Economists have sharply lowered India's FY27 current account deficit forecast as softer crude oil prices, resilient exports and remittances improve the external outlook

Commerce Minister Piyush Goyal expects merchandise exports to grow 16-17 per cent and services exports 10-11 per cent, taking India's total exports close to the $1 trillion target

Speaking at the Board of Trade meeting at Vanijya Bhawan in New Delhi, Goyal said the target would require a sharp increase in both goods and services shipments

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The last decade saw a growth rate of 8.7 per cent, which made India one of the fastest-growing exporters of commercial services

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The country's services exports have touched USD 192 billion so far this fiscal and are expected to reach USD 400 billion by the end of 2023-24, SEPC said on Wednesday. Services Export Promotion Council (SEPC) said that key sectors which are recording healthy growth rates include telecom, computer, information, and transport and travel. The council is also engaged in formulating strategies to propel the sector's growth, it said. "As of the latest report, the services sector has demonstrated progress, with over USD 191.97 billion already accomplished out of the targeted USD 400 billion," the council added. It added that sectors like tourism, hospitality, and medical value tourism which suffered due to COVID-19 are now showing revival signs. In addition to this, sectors like legal, auditing, higher education, accounting, and logistics are showing good growth. "At SEPC, our mission is clear, to guide the services sector in India's pursuit of achieving USD 400 billion by 2024 and USD 1

The RBI's numbers are provisional, but further updated, and final figures are usually published quarterly as part of the country's overall balance-of-payments data

The trade deficit narrowed to $20.67 billion in July from $25.45 billion a year ago but widened from $18.76 billion in June

Seeking a repeat of the East Asian model of merchandise export-led growth is a chimera. For India, services drive export growth, writes T N Ninan

The credibility of foreign trade policies will improve if they are not obsessed with setting export targets

Buoyed by a significant jump in exports during 2022-23, Services Export Promotion Council (SEPC) on Wednesday said the healthy growth trend will continue and shipments are expected to reach up to USD 400 billion this fiscal. During 2022-23, the country's services exports rose by 42 per cent to USD 322.72 billion from USD 254 billion in 2021-22, according to provisional data from the commerce ministry. "The services sector had targeted USD 300 billion but accomplished USD 322 billion. Subject to the final data we might touch USD 350 billion in 2022-23 and based on the current trend and the continuing growth our estimate is around USD 375 billion to USD 400 billion for 2023-24," SEPC Chairman Sunil H Talati told PTI. Sectors that contributed to the services exports growth during the last fiscal include travel, transport, medical, and hospitality, he said. He added that the council has been working tirelessly in collaboration with the government to catapult services sector growth with

Services exports likely to see sharper jump, estimated to cross $320 billion in FY23 from $254 billion a year ago

India's services exports rose 24.5% on year in October-December 2022, hitting a record $83.4 billion during the quarter, shows data

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Services exports, however, grew over 36 per cent in February at $29.15 billion, according to the Department of Commerce's estimates

Notwithstanding the threat of a recession looming ahead for the developed economies, exporters say they expect a similar trend to continue in the second half of the year