India’s exports reached a record $860 billion in FY26. Services are increasingly driving that growth
Services exports climbed to $418 billion and now contribute nearly half of India’s total exports
India’s advantage now spans engineering, consulting, research and other knowledge-intensive services
GCCs, digital infrastructure and foreign investment are deepening India’s role in global value chains
A services surplus helps offset India’s large merchandise trade deficit and strengthens resilience
Manufacturing exports remain modest, highlighting gaps in domestic value addition and scale
AI is reshaping services. India must move up the value chain while accelerating manufacturing growth