India’s Services Export target
Part of: Prelims
In News: India is poised to achieve services export target of $1 trn by 2030.
Services sector provides employment to nearly 2.6 crore people and contributes approximately 40% to India’s total global exports.
- Services trade surplus was $89 bn in FY 2020-21
- The largest FDI recipient (53% of FDI inflows 2000-2021)
- In 2020, India became the 7th largest services exporter in the world, moving up the ladder by two positions.
- Services PMI rose to a decade high of 58.4 in Oct’21
- Have the twin power of universal acceptance & universal attraction.
- Is boosting India’s transition from an assembly economy to a knowledge based economy.
- from being the ‘Back office’ to the ‘Brain office’ of the world
News Source: PIB