INSUBCONTINENT EXCLUSIVE:
Even as merchandise export growth fell to single digits in three months, services exports continued to remain robust and witnessed 25-30
per cent growth since the beginning of the current fiscal year (July-September), reveals official government data.
Notwithstanding the
threat of a recession looming ahead for the developed economies, exporters say they expect a similar trend to continue in the second half of
the year.
Growth will be driven by sectors such as information technology (IT), accounting, engineering services, as India will have
In a bid to save cost, countries like the US have started outsourcing their work, especially in sectors such as accounting, auditing, and
recession fears, as certain services are required for systems to operate
Apart from IT, sectors such as hospitality, tourism, accounting, auditing, legal services, engineering, and architectural services are
expected to witness vigorous growth.
After sustained rise in merchandise exports, the external demand for Indian goods has started
The International Monetary Fund last month said more than a third of the global economy is headed for contraction this year or the next, and
trends, the Department of Commerce on a conservative basis is looking at the overall export target to cross $750 billion in 2022-23 (FY23),
compared with $676 billion in 2021-22
As far merchandise exports go, a target of $450 billion has been set, the rest will be met by services exports.
Talati hopes services
there will be further slowdown in both merchandise and services exports
Of the total exports, software (services) is a major component
