Services exports hold fort, but will it suffice?4 min read 20 Apr 2023, 12:06 AM IST
The sharp rise in services exports is not new but their share in gross domestic product reached a record 9.9% in the December-ended quarter, surpassing the boom during the pandemic-hit years
A series of mass layoffs by technology firms has led to recession bells ringing around the globe. India wasn’t untouched by the global slowdown, with goods exports taking a hit. Yet, services exports, which are dominated by information technology, showed remarkable resilience. While merchandise exports grew just 6% in 2022-23, services grew 27%.
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