Buzz Update Exports of Indian services will hit an all-time high of $ 250 billion in 2021-22 TOU

Buzz Update Exports of Indian services will hit an all-time high of $ 250 billion in 2021-22

 TOU

Exports of Indian services will hit an all-time high of $ 250 billion in 2021-22

Piyush Goyal, Minister of Commerce & Industry, said that despite the severe impact of the Kovid-19 epidemic on the travel & tourism, aviation and hospitality sectors, Indian services exports peaked at an all-time high of $ 250 billion in the 2021-22 financial year.

“After another historic success of $ 420 billion in goods exports in 2021-22, India has achieved another wing in its cap by achieving nearly $ 250 billion worth of services exports in 2021-22,” Goyal tweeted on Wednesday, acknowledging the commitment of Prime Minister Narendra Modi-led government to ‘LocalGoss Global’.

Consultations are underway with Export Promotion Councils and Indian Missions around the world to set an export target for 2022-23. The Minister said that the Prime Minister would take inputs from everyone and then formulate a possible target.

Goyal estimates that services exports will peak at $ 213 billion in 2019-20. In 2020-21, service exports fell to $ 195 billion due to Kovid-19 restrictions.

Goyal told a news conference on Wednesday that reaching $ 250 billion in service exports was a big achievement as the travel and tourism, aviation and hospitality sectors were badly damaged by the Kovid-19 epidemic.

Move from low cost services

He said India was now shifting from low-cost services like call centers and BPOs to value chain services like AI, blockchain, data analytics and the Internet of Things.

Goel said India was negotiating free trade agreements with the UAE and Australia and with the EU and the UK rather than compensating for the losses caused by adverse conditions such as the Russia-Ukraine crisis.

He said a delegation from the European Parliament had arrived in New Delhi to discuss the ongoing FTA between the two sides and that talks were well underway. In response to questions on the EU’s insistence that areas such as labor, the environment and sustainable development be included in its free trade agreements, Goel said India has a responsible commitment to the climate and adheres to world-class labor laws. He said India has nothing to fear when dealing with these areas.

Published

April 13, 2022

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