Services exports to cross $300 billion this fiscal; $1 trillion achievable by 2030: SEPC

Cont’d from Pg.3 Services Export Promotion Council (SEPC) Director General AbhaySinha said support measures in the forthcoming foreign trade policy (FTP) would help further boost the exports.

Performance of sectors including IT, ITeS, tourism and healthcare is helpingtheexportsregistersignificant growth rates, he said.“Going by the current growth rate, the services exports will cross USD 300 billion this fiscal,”Sinhasaid.

According to the data of the Commerce Ministry, the estimated value of services export in AprilJanuary 2022-23 is $272 billion as comparedto$206.28billionintheyearago period. In 2021-22, these exports touchedanall-timehighof$254billion.

IT and ITeS accounts for 40-45 per cent share in the exports. It is followed by travel and tourism, education, and financial services like banking, and accountancy.

Developed countries are contributing maximum share in these exports, he said adding Common wealth of Independent States (CIS) countries holds huge potential to increasetheexports.

“Export support measures will help in enhancing competitiveness of the sector and free trade agreements withtheUAEandAustraliaarehelping explore new markets and increase shipments,”Sinhasaid.

He said the one trillion dollars targetby2030is notambitiousandthe industry can achieve this with the help oftheGovernment.