60 percent growth in service sectors in 2 years: Piyush Goyal

Minister Piyush Goyal at launch of FTP 2023

The services sector of India has seen a growth of over 60 percent in the past two years, Minister of Commerce, Piyush Goyal has said.

“The services sector has registered a growth of over 60 percent in two years. Its trade numbers in 2021 had stood at 206 billion, which have now grown to over 320 billion,” he noted.

The services sector has registered the maximum growth in trade numbers over years. The total export of services from India in 2020-21 was $206 billion, which reached the targeted $250 billion in 2021-22 and is expected to have reached $325 billion in 2022-23. The final numbers of trade for 2022-23 are yet awaited.

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Meanwhile, experts in the trading industry have estimated that the services sector will grow to cross over $400 billion in trade in the next financial year. “We expect the services trade to cross over $ 400 billion for the next financial year. The services sector has seen a massive boom, we have every reason to be optimistic,” Services Export Promotion Council (SEPC) Director General Abhay Sinha has said to Moneycontrol in an interview.

With ongoing changes in the areas of lowering trade barriers, easing FDI regulations, and deregulation, India's services sector is poised to grow at a healthy rate in the coming years.