Services Sector Surpassed $300 Billion Target

Services Export Promotion Council is thrilled to announce that the India Services sector has had a record-breaking financial year. Delivering above and beyond the $300 Billion target this fiscal, the services sector delivered  $322.72 Billion.

The services sector accounts for 54% of the GDP and this fiscal year we have broken all records with annual value of USD 322.72 billion with growth rate at 26.79 percent during FY 2022-23 over FY 2021-22.

With the sector’s health in mind in India, SEPC has been working tirelessly in collaboration with the government to catapult services sector growth with business delegations, B2B meets, Market Specific Initiatives - MAI etc. These collaborative steps by the government and SEPC are ensuring that the services sector aces its strive towards a 5 trillion economy. The current numbers support this wonderful feat.

Having surpassed the set targets, the sector is thinking long-term and growing beyond the 5 trillion economy mark to position India as the ‘Services Hub’ in the global market. The focus is to help all the sectors in the Services industry grow. The target is $1 Trillion by 2030 and the sector is positive that it will achieve the same before time and position India as India Serves.

“We are glad that what Hon'ble Minister of Commerce and Industry,  Mr Piyush Goyal foretold about the services and merchandise sector has come true! The sectors are growing and India’s overall exports are projected to scale new heights, growing at 13.84 percent during FY 2022-23 over FY 2021-22 to achieve USD 770.18 billion worth of exports. The government, SEPC and the industries are working  actively to not only achieve targets but to do better. The economy is growing and it has been a successful year  for the services sector. We are aiming to improve and grow further in FY24.” said Sunil H Talalti, Chairman SEPC set up by the ministry of commerce and industry in 2006.

There is monumental scope in the services sector and we are witnessing a scenario where the services sector will dominate the 5 trillion economy mark. This is a new plunge, a new perspective rendered by SEPC and the council will be at the forefront pushing for the ideal conditions to sprout exponential growth for all the verticals of the services sector”, shared Karan Rathore, Vice Chairman, SEPC set up by the ministry of commerce and industry in 2006.

“The government and the country was looking at a substantial contribution from the services sector and SEPC is glad to announce that we have not only achieved the target but delivered beyond it! Overcoming the pandemic situation, the Tourism and Hospitality sector has really picked up. Medical Value Tourism is also finding a strong foothold and gaining momentum in the global market. We are now looking into aiding the growth of the logistics sector as well. The aim is to ensure that all the silos under the services sector get opportunities to grow”, shared Dr Abhay Sinha, Director General, Services Export Promotion Council set up by the ministry of commerce and industry in 2006.