India’s Services Export target

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

Indian services 

• 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