Prioritise trade

New markets and harmonised regulations necessary

The Reserve Bank of India (RBI) has released the data for services exports over the course of 2023-24, and there are lessons that the next government should draw for its trade policy. According to the RBI data, while services exports grew last financial year, they exhibited a deceleration. From $325 billion in 2022-23, they increased merely to $341 billion in 2023-24. What has worked for the sector, which has been growing at a healthy rate in recent years, is that services imports have gone down by 2 per cent, decreasing to $178 billion from $182 billion. Several reasons can be