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Services Export Promotion Council (SEPC) Chairman Sunil H Talati has said that the country's services export is expected to reach $325 billion in 2022-23 on account of increasing demand for all kinds of services and gradual resumption of regular international travels. He said services exports would reach about $250 billion by the end of the ongoing fiscal year (FY22).

Talati has stated that the estimated value of services export for April-January 2021-22 is $209.83 billion, exhibiting a growth of 25.31 per cent as compared to the year-ago period's $167.45 billion. He said support measures for the sector in the new foreign trade policy would help further boost the outbound shipments. It had earlier proposed an alternative scheme to SEIS (Services Export from India Scheme) -- DRESS (Duty Remission on Export of Services Scheme) to boost exports.

SEPC Chairman further said despite the pandemic, the services sector has managed to retain 90-91 per cent of its last year's performance in terms of overall exports and added that services exports have been growing at a compound annual growth rate (CAGR) of 8-9 per cent for the last 20 years and the sector is eighth largest in the world and second in Asia Pacific region.