SEPC to target US$ 300 billion services exports in 2022-23

The sector needs specific schemes for capacity building for sustained growth in the long run

February 22, 2022

It is anticipated that services exports would reach about US$ 250 billion by the end of the ongoing fiscal year

The estimated value of services export grew by 25.31%

The council also proposed an alternative to the Services Export from India Scheme (SEIS) and the Duty Remission on Export of Services Scheme (DRESS)

Services exports have been growing at a CAGR of 8-9% for the last 20 years

The country’s services export is expected to reach US$ 325 billion in or by 2022-23 due to increased demand for all types of services and gradual recommencement of regular international travels as per the Services Export Promotion Council (SEPC). It is anticipated that services exports would reach about US$ 250 billion by the end of the ongoing fiscal year.

The estimated value of services export for April-January 2021-22 is US$ 209.83 billion – a growth of 25.31% compared to the year-ago period’s US$ 167.45 billion. Despite the pandemic, the services sector retained 90-91% of its last year’s performance in terms of overall exports as services exports have been growing at a CAGR of 8-9% for the last 20 years and the sector is the eighth largest in the world and second in the Asia Pacific region.

SEPC also mentioned that support measures for the sector in the new foreign trade policy would further boost outbound shipments. The council has also proposed an alternative scheme to SEIS and the DRESS to boost exports.