Services exports likely to reach up to $400 billion this fiscal: SEPC
Expressing optimism, Services Export Promotion Council (SEPC) Chairman Sunil H Talati has said that services exports are expected to reach up to $400 billion this fiscal 2023-24, buoyed by a significant jump in exports during 2022-23. During 2022-23, the country's services exports rose by 42 per cent to $322.72 billion from $254 billion in 2021-22.
Talati noted that sectors that contributed to the services exports growth during the last fiscal include travel, transport, medical, and hospitality. He added that the council has been working tirelessly in collaboration with the government to catapult services sector growth with business delegations, B2B meets, and market specific initiatives.
SEPC Chairman also said that as for the key export destinations, India's service exports have historically been concentrated in North America and Europe, but there is also significant potential for growth in emerging markets such as Asia, Africa, and Latin America. However, Talati said that certain incentives are necessary to further push the growth rates.
