The growth of India's exports of commercial services decelerated in 2018 but remained above the world growth rate, the Economic Survey 2018-19 said.
According to the survey, India had experienced a recovery in the growth of exports and imports of commercial services during 2015-17, in line with the global recovery in commercial services trade.
"However, in 2018, world trade in commercial services stagnated. India's growth rate decelerated but remains above the world growth rate," the survey, which was tabled in the Parliament by Finance and Corporate Affairs Minister Nirmala Sitharaman, said.
As per WTO data quoted by the survey, the growth of India's commercial services exports eased to 10.7 per cent in 2018 from 14.5 per cent in 2017.
"World commercial services export growth eased marginally to 7.7 per cent in 2018. Commercial services export growth in India also moderated slightly to 10.7 per cent in 2018 following the strong growth witnessed in 2017.
"Nonetheless, India remains one of the strongest performers among the major service-exporting countries," the survey said.
It also said that in order to boost services exports, the government has created a dedicated fund of Rs 5,000 crore for financing sectoral initiatives under the 'Champion Services Sector Scheme'.
"The 'Screening Committee' has so far recommended the proposals of seven nodal ministries or departments totaling Rs 4,344.75 crore...," the survey said.
"Under this scheme, various domestic policy reforms critical to enhance the competitiveness of services exports, including on data privacy or security and e-commerce, would be pursued through the ministries concerned."
At present, India is ranked amongst the world's top 10 exporters and importers of commercial services. India's share in world's commercial services exports has risen steadily over the past decade to reach 3.5 per cent in 2017.
ALSO READ: Indian economy grows to USD 2.75 trillion in FY19 despite slowing global economy: Economic Survey
Latest Business News
