Export services are marking healthy growth.
New Delhi:IT and ITeS accounts for 40-45 per cent share in the exports. It is followed by travel and tourism, education, and financial services like banking, and accountancy. Onion exports grew by 16.3 per cent to $523.8 million in the April-December period of the current financial year. In December 2022, it increased by 50% to $ 52.1 million.
Export support measures will help in enhancing competitiveness of the sector and free trade agreements with the UAE and Australia are helping explore new markets and increase shipments.
Piyush Goyal, Minister of Commerce and Industry said that export services are marking healthy growth on the merchandise front too, despite the world seeing recession, overstocking of multiple commodities and enormous inflationary pressure.
The calculated export services value in April-December 2022 was USD 235.81 billion as compared to USD 184.65 billion in the year-ago period. These exports reached an all-time high of USD 254 billion in 2021-22, as per the data availed by the commerce ministry.
So all in all, it will be a very very satisfying year, given the global headwinds and the stress that is reported from almost every part of the world, he told reporters here, adding the government’s structural reforms and steps like Make in India and Digital India are yielding fruits.
One trillion dollars target by 2030.