Services exports hit USD 192 bn so far this fiscal: SEPC

The country’s services exports have touched USD 192 billion so far this fiscal and are expected to reach USD 400 billion by the end of 2023-24, SEPC said on Wednesday. Services Export Promotion Council (SEPC) said that key sectors which are recording healthy growth rates include telecom, computer, information, and transport and travel.

The council is also engaged in formulating strategies to propel the sector’s growth, it said.

“As of the latest report, the services sector has demonstrated progress, with over USD 191.97 billion already accomplished out of the targeted USD 400 billion,” the council added.

It added that sectors like tourism, hospitality, and medical value tourism which suffered due to COVID-19 are now showing revival signs. In addition to this, sectors like legal, auditing, higher education, accounting, and logistics are showing good growth.

“At SEPC, our mission is clear, to guide the services sector in India’s pursuit of achieving USD 400 billion by 2024 and USD 1 trillion in services export by 2030,” Karan Rathore, Chairman at SEPC, said.

Services Export Promotion Council, set up by the Ministry of Commerce and Industry, has been mandated to facilitate global business opportunities for India’s services sector.