The Economic Survey 2023-24, tabled by the Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman in Parliament on 22 July 2024.
The services sector continues to be a significant contributor to India’s growth, accounting for about 55 per cent of the total size of the economy in FY24, states Economic Survey.
Post-pandemic, services exports have maintained a steady momentum and accounted for 44 per cent of India’s total exports in FY24 the survey notes.
India ranked fifth in services exports, with other countries being the European Union (excluding intra-EU trade), the United States, the United Kingdom, and China.
India’s growing reputation as the preferred destination for Global Capability Centres (GCCs) by multinational corporations has significantly boosted software and business services exports. India’s share in digitally delivered services exports globally increased to 6.0 per cent in 2023 from 4.4 per cent in 2019.
