homeeconomy NewsIndian services exports touched record $254 billion last fiscal, says government

Indian services exports touched record $254 billion last fiscal, says government

Indian services exports touched record $254 billion last fiscal, says government
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By PTI May 4, 2022 6:38:42 PM IST (Published)

The previous services exports record was USD 213.2 billion in 2019-2020, the Commerce Ministry said.

India's services exports set a new record of USD 254.4 billion (about Rs 19 lakh crore) in 2021-2022, the Ministry of Commerce & Industry said on Wednesday.

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The exports also hit an all-time monthly high of USD 26.9 billion in March, the Ministry said.
Telecommunications, computer, and information services, other business services and transport are the top contributors to the exports, it added.
"The new record achieved in 2021-22 beats the previous high of USD 213.2 billion in 2019-20," the Ministry said.
A few days ago, the Commerce Ministry said that India’s pharma exports had grown by 103 percent to Rs 1,83,422 crore since 2013-14. The Ministry added that 2021-22 had been the best export performance ever.
“It is a remarkable growth with exports growing by almost $10 billion in 8 years,” the statement said.
The exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for COVID related medicines, it added.
In April-end, the Commerce Ministry had said that Exports of ceramics and glassware products touched a "record" USD 3.5 billion in 2021-22.
It said the exports rose because of increase in shipments of ceramic tiles and sanitaryware products. India is the world's second largest manufacturer of tiles.
India exports to more than 125 countries and the top destinations are Saudi Arabia, the United States, Mexico, Kuwait, the United Arab Emirates, Iraq, Oman, Indonesia, the United Kingdom and Poland.
"Over the years, the industry has been modernizing through new innovations and product profile, quality and design to emerge as a modern world class industry ready to take on global competition," the Ministry had said.
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