Don’t take India’s strong services exports story for granted: Goldman Sachs
7 months, 3 weeks ago

Don’t take India’s strong services exports story for granted: Goldman Sachs

The Hindu  

April 29, 2024 09:57 pm | Updated 10:08 pm IST - NEW DELHI While India’s services exports had grown sixfold between 2005 and 2023 to about $340 billion and were potentially poised to hit the $800-billion mark in 2030, Goldman Sachs cautioned against complacency citing challenges such as the lack of skilled talent and resource stress in key hubs like Bengaluru that could hurt growth. In a report titled ‘India’s rise as the emerging services factory of the world’, Goldman forecast services exports would reach 11% of GDP by 2030, from 9.7% in 2023, and if commodity prices and goods trade balances did not move significantly, would help contain the current account deficit to an average of about 1% of GDP between 2024 and 2030. Between 2005 and 2023, while global services exports grew threefold or 5.5% annually, India’s services exports rose 11% annually, the third fastest pace in the world, lifting its share in global services exports from under 2% to 4.6% over this period. “On global constraints, apart from the fact that services exports are dependent on global demand for Information and Communications Technology spending, rising protectionism in destination countries could hurt export prospects,” Goldman’s researchers underscored.

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History of this topic

India’s trade braces for an action-packed 2025
1 hour, 18 minutes ago

India’s trade braces for an action-packed 2025

Live Mint  

India’s external trade, navigating a phase of uncertainty owing to the European Union's new carbon tax on imports and slowing consumption in Europe, is set face further pressure. Yet, according to Pralok Gupta, associate professor, Indian Institute of Foreign Trade, which operates under the ministry of commerce and industry, “If US imposes high tariffs on China, India may face collateral …

Ajit Ranade: India needs more sectors to be reliable dollar earners
18 hours, 33 minutes ago

Ajit Ranade: India needs more sectors to be reliable dollar earners

Live Mint  

India presently has more than a quarter trillion dollars of essential imports. Domestic production capacity for all these is unlikely to become ‘ atma nirbhar ’ in the near future, even as demand will grow as India chugs at a 7% or 8% growth rate. In a report, Ajay Srivastava, founder of Global Trade Research Initiative, analysed the structural changes …

Services led exports are a mixed blessing for the Indian economy
4 days, 23 hours ago

Services led exports are a mixed blessing for the Indian economy

Live Mint  

If every cloud has a silver lining, the glow around India’s data that shows November’s trade deficit at a record high of $37.9 billion is the remarkable performance of service exports. In a scenario where US President-elect Donald Trump has threatened to slap “reciprocal" tariffs on India, this strong showing of service exports and declining reliance on the export of …

DC Edit | Time to focus on service sector
6 days, 6 hours ago

DC Edit | Time to focus on service sector

Deccan Chronicle  

India’s service exports outstripped merchandise exports for the first time ever in November 2024, according to the commerce ministry’s trade data. After sustained growth beginning from February 2024, service exports stood at $37.6 billion and merchandise exports at $32.1 billion in November 2024. While India is known to export more services than it buys from other countries, the value of …

India’s imports rises to 27%, touches to record high of almost $70 billion
1 week ago

India’s imports rises to 27%, touches to record high of almost $70 billion

The Hindu  

India’s merchandise exports fell 4.83% to $32.11 billion in November while the import bill jumped 27% to a record high of almost $70 billion, as per data released by the Commerce Ministry. This is the third time in four months that India’s import bill has hit a record high, but November’s tally surpasses the last two occasions by a wide …

We should not be overly concerned about imports as long as exports' share grows: Commerce Secretary
1 week, 4 days ago

We should not be overly concerned about imports as long as exports' share grows: Commerce Secretary

Deccan Chronicle  

New Delhi: India should not be overly concerned about imports as long as exports' share continues to grow, Commerce Secretary Sunil Barthwal said on Thursday. "Because if the Indian economy is growing at 7 per cent and if the world is growing at 3-3.5 per cent rate of growth then obviously India will be requiring more consumption, more of imports …

India faces high exposure to US trade policy shift
2 weeks, 4 days ago

India faces high exposure to US trade policy shift

Deccan Chronicle  

Chennai: India will be one of the key economies that are most exposed to a potential trade policy shift in the US under the new regime. The 2025 trade outlook is clouded by potential US policy shifts, including broader tariffs that could disrupt global value chains and impact key trading partners, said UNCTAD in its global trade update. This 3.3 …

India’s exports rise, boosting global presence
2 weeks, 6 days ago

India’s exports rise, boosting global presence

Deccan Chronicle  

New Delhi: India is eyeing to be a global economic powerhouse with its remarkable achievements in the export landscape. “India’s export performance in several key product categories has shown notable success, with the country maintaining or improving its rank among the top 10 global suppliers, all with export values exceeding $1 billion in 2023,” the ministry said. “The petroleum sector …

India: Services Exports to Surpass Merchandise Shipments by 2030
1 month ago

India: Services Exports to Surpass Merchandise Shipments by 2030

Deccan Chronicle  

Chennai: With a growth rate double that of merchandise exports, services export is set to surpass the former in five years. Between FY2019 and FY2024, India’s merchandise exports grew at a compound annual growth rate of 5.8 per cent, while services exports surged ahead at a robust CAGR of 10.5 per cent. According to GTRI, at this rate, services exports …

Pharma, electronics and engineering goods among India’s top exports during Apr-Oct
1 month ago

Pharma, electronics and engineering goods among India’s top exports during Apr-Oct

Live Mint  

New Delhi: India's merchandise exports continued their upward trajectory during April-October, with 21 of the top 30 sectors registering growth in value terms, buoyed by rising global demand for Indian goods. Growth in key sectors like pharmaceuticals, electronics, and engineering goods contributed to the overall gains, while a sharp decline was reported in traditionally strong sectors—petroleum and gems and jewellery—amid …

India’s current account deficit to remain manageable in FY25, Rupee to remain in pressure: Bank of Baroda
1 month, 1 week ago

India’s current account deficit to remain manageable in FY25, Rupee to remain in pressure: Bank of Baroda

Live Mint  

New Delhi, November 15 : India's current account deficit will remain within a manageable range for both FY25 and FY26, largely due to muted oil prices that are expected to support the country's external financial position, projected a recent report by Bank of Baroda. Despite global market volatility, the report stated that steady oil prices at current levels are a …

Merchandise exports surge amid focus on key markets, countries
Trending News
1 month, 1 week ago

Merchandise exports surge amid focus on key markets, countries

Hindustan Times  

India’s merchandise exports registered 17.25% growth to $39.20 billion in October over the same month last year, with non-petroleum exports aggregating a record $211.34 billion in the first seven months of current financial year despite global headwinds, commerce secretary Sunil Barthwal said, crediting a concerted policy push and Christmas demand for the growth. India’s services exports in October 2024 is …

The IMF's WEO and the Rise of China: A Cautionary Tale for India
1 month, 4 weeks ago

The IMF's WEO and the Rise of China: A Cautionary Tale for India

Hindustan Times  

The IMF's World Economic Outlook report sheds light on the competitive edge China holds in the electric vehicle (EV) industry. The report highlights the sharp rise in labor productivity in China, which has enabled them to produce EVs at lower costs compared to their European counterparts. This competitiveness could lead to a global disruption in the EV market, which is …

India's Economic Potential Soars as Global Landscape Shifts
Trending News
2 months ago

India's Economic Potential Soars as Global Landscape Shifts

The Hindu  

India is well positioned to capitalize on new growth opportunities due to its robust macroeconomic fundamentals and strategic shift towards strategic economic partnerships. The country's focus on domestic capacity building and resilience against external shocks will be key to its success. Ms. Sitharaman emphasized India's potential to become a key partner for many countries seeking to diversify their sources of …

India targets $1 trillion exports by 2030: Coimbatore DGFT
2 months, 3 weeks ago

India targets $1 trillion exports by 2030: Coimbatore DGFT

New Indian Express  

TIRUPPUR: India has an ambitious target of exporting goods worth $1 trillion USD by 2030, said Anand Mohan Mishra, Joint Director General of Foreign Trade of Coimbatore, during a seminar ‘Export Finance and Trade Facilitation for the Apparel Industry’ in Tiruppur on Saturday. Speaking among the exporters in Tiruppur, Mishra said, “ Each and every part of the export community …

Is the spike in India’s trade deficit a worry?
3 months ago

Is the spike in India’s trade deficit a worry?

The Hindu  

The story so far: After a positive start to goods exports in the first quarter of 2024-25, there has been a blip in momentum. On the exports front, 18 of India’s top 30 segments recorded growth in July and 19 in August, but the big-ticket sectors like petroleum, and gems and jewellery, have tanked significantly. While gems and jewellery exports …

India Witnesses Surge In Defence Exports With Supply To Over 90 Countries: Report
4 months ago

India Witnesses Surge In Defence Exports With Supply To Over 90 Countries: Report

News 18  

India is now selling weapons made in the country to other nations, reaching record levels in defence exports. In 2023-2024, defence exports reached a record Rs 21,083 crore, an increase of 32.5 percent from Rs 15,920 crore in the previous year. The Narendra Modi government set an ambitious target in 2020 to achieve Rs 35,000 crore in defence exports within …

India has made strides to further self-reliance in defence, exporting weapons too: PM
4 months, 1 week ago

India has made strides to further self-reliance in defence, exporting weapons too: PM

Hindustan Times  

NEW DELHI: In his 98-minute Independence Day speech delivered from the imposing Red Fort on a drizzly morning, Prime Minister Narendra Modi on Thursday captured the strides made by India to further self-reliance in the critical defence manufacturing sector and how the country had gradually transformed itself from being an importer of military hardware to an exporter. India has made …

India has made strides to further self-reliance in defence: Modi
4 months, 1 week ago

India has made strides to further self-reliance in defence: Modi

Hindustan Times  

New Delhi: In his 98-minute Independence Day speech delivered on Thursday morning from the Red Fort, Prime Minister Narendra Modi captured the strides made by India to further self-reliance in the critical defence manufacturing sector and how the country had gradually transformed itself from being an importer of military hardware to an exporter. Prime Minister Narendra Modi addressed the nation …

DC Edit | Global meltdown triggered by US
4 months, 2 weeks ago

DC Edit | Global meltdown triggered by US

Deccan Chronicle  

Economists at Goldman Sachs Group Inc. put the probability of a US recession in the next year to 25 per cent, which is 10 percentage points more than their previous forecast of 15 per cent. Whether it was caused by the stress in the US economy or new advancements in technology, it is bound to affect consumer demand in the …

Strong trade ties boosting India’s export market share: Economic Survey
5 months ago

Strong trade ties boosting India’s export market share: Economic Survey

Hindustan Times  

India is gaining market share in global exports of merchandise and services, benefiting from its strong trade relations across countries, which raised its share in global goods exports to 1.8% and services to 4.3% in FY24 as compared to an average of 1.7% and 3.3% respectively during FY16-FY20, the economic survey said on Monday. The government took various measures to …

Economic Survey 2023-24: 14% of global iPhones made in India in FY24, country's electronics export rank up
5 months ago

Economic Survey 2023-24: 14% of global iPhones made in India in FY24, country's electronics export rank up

The Hindu  

US smartphone major Apple assembled 14% of global iPhones in India in FY24 and the country's ranking in global electronics export improved by four positions, Economic Survey 2023-24 said on July 22. "Apple assembled $14 billion worth of iPhones in India during FY'24, constituting 14% of its global iPhone production," the Economic Survey said citing third-party data. The survey recorded …

Economic Survey 2023-24: India’s success in exports and reducing Chinese imports
5 months ago

Economic Survey 2023-24: India’s success in exports and reducing Chinese imports

The Hindu  

The government's steps such as mandatory quality norms and increase in customs duties have significantly helped the domestic toy players to boost exports and reduce dependence on Chinese imports, Economic Survey said on July 22. "India's import bill for toys from China dropped from USD 214 million in FY'13 to USD 41.6 million in FY'24, leading to a decline in …

India's exports in Q1 show resilience despite global slowdown: CRISIL
5 months ago

India's exports in Q1 show resilience despite global slowdown: CRISIL

New Indian Express  

India's exports have shown resilience amidst global challenges, with merchandise exports rising by 5.8% to $109.96 billion in the first quarter of fiscal 2025, according to CRISIL. "On a cumulative basis, merchandise exports rose 5.8% to $109.96 billion for the first quarter of fiscal 2025, from $103.9 billion in the year-ago period. This growth in exports in the first quarter …

India's exports soar 2.56 per cent to USD 35.2 billion in June: Govt data
5 months, 1 week ago

India's exports soar 2.56 per cent to USD 35.2 billion in June: Govt data

India TV News  

The government of India on Monday released data on the exports by the nation in the month of June. According to the data, India's merchandise export in June increased by 2.56 per cent to $35.32 billion compared to $34.32 billion in June last year. In May, the country's merchandise exports increased by 9.1 per cent and reached USD 38.13 billion, …

Exports positive in April-June quarter despite global challenges: Goyal
5 months, 1 week ago

Exports positive in April-June quarter despite global challenges: Goyal

The Hindu  

India's exports have recorded healthy growth in May and remained in the positive zone in June and the first quarter of the current fiscal despite global challenges, Commerce and Industry Minister Piyush Goyal has said. He also said that growth in the services sector is helping the country's outbound shipments to register positive growth rates. Last month, the Minister stated …

Bridging the Gap: How India Can Unlock the Potential of its Service Sector - News18
6 months, 3 weeks ago

Bridging the Gap: How India Can Unlock the Potential of its Service Sector - News18

News 18  

The service sector has undeniably been the primary driver of India’s growth since the year 2000. Skill Gap In India, the skill gap in the labour force is a significant challenge, with only 51 per cent of the youth deemed employable due to a lack of necessary skills. Efforts to bridge this gap must include public-private partnerships, such as the …

Goldman Sachs predicts this ‘favourable scenario’ for Indian economy by 2030
7 months, 3 weeks ago

Goldman Sachs predicts this ‘favourable scenario’ for Indian economy by 2030

Hindustan Times  

India's services exports are likely climb to $900 billion- about 12.4 percent of its GDP, by 2030- Goldman Sachs said in what it called a "favourable scenario" of the economy. "India has been gaining share in professional consulting globally, which is relatively less concentrated than other sectors, and India has scope of gaining further share with the rise of GCCs," …

The services story: On India’s success
7 months, 3 weeks ago

The services story: On India’s success

The Hindu  

A deep-dive research report from global investment banking major Goldman Sachs, evocatively titled ‘India’s rise as the emerging services factory of the world’, has captured India’s recent success in providing global services and sought to forecast growth prospects and risks in the medium term. The firm takes a broader view of India’s services exports over the last 18 years, including …

India’s services export grew faster than global average in 2023: UNCTAD data
7 months, 4 weeks ago

India’s services export grew faster than global average in 2023: UNCTAD data

Hindustan Times  

NEW DELHI: India’s annual services export grew at 11.4% in 2023 against the global average of 8.9% and surpassed China which witnessed a 10.1% contraction in the year, according to the quarterly bulletin released by the United Nations Conference on Trade and Development. Robust services trade helped India to compensate for a 3.11% year-on-year contraction in merchandise exports in FY2024 …

Apple shows the way for electronics exports
8 months, 1 week ago

Apple shows the way for electronics exports

Hindustan Times  

At $10 billion in FY24, exports of India-assembled iPhones have doubled from the previous fiscal. While the iPhone instance is evidence of policies such as the PLI for smartphones working, India must do more to convince the world that it has the makings of a preferred China+1 destination for electronics exports. At present, the world may seem more inclined towards …

Goods exports hit 12-month high of $41.68 billion in March
8 months, 1 week ago

Goods exports hit 12-month high of $41.68 billion in March

The Hindu  

India’s goods exports hit a 12-month high of $41.68 billion in March, although it constituted a 0.67% decline from last year’s tally, while imports dropped 6% to $57.3 billion last month. Goods imports dropped by a sharper 5.41% to $677.24 billion in 2023-24, which helped moderate India’s trade deficit for the year to $240.2 billion, 9.33% lower than the preceding …

India's exports register healthy growth to European, Latin American nations in 2023
8 months, 2 weeks ago

India's exports register healthy growth to European, Latin American nations in 2023

The Hindu  

Indian exporters made further inroads in European and Latin American nations in 2023, registering healthy growth in countries such as Romania, Montenegro, Austria, and Guatemala, an official said on Friday. India's merchandise export rose 2.1% to the European Union in 2023 despite headwinds being faced by large developed markets like the EU and the U.K. due to high cost of …

India’s defence exports crossed all-time high of ₹21,000 crore: Rajnath
8 months, 3 weeks ago

India’s defence exports crossed all-time high of ₹21,000 crore: Rajnath

The Hindu  

India’s defence exports crossed ₹21,000 crore, approximately $2.63 billion, for the first time, Defence Minister Rajnath Singh announced on April 1. “Delighted to inform everyone that the Indian defence exports have scaled to unprecedented heights and crossed ₹21000 crore mark for the first time in the history of Independent India!,” Mr. Singh said on X. “India’s defence exports have reached …

India's defence exports at all-time high: Which are the countries buying from New Delhi?
8 months, 3 weeks ago

India's defence exports at all-time high: Which are the countries buying from New Delhi?

Firstpost  

Defence Minister Rajnath Singh announced that India’s arms exports have crossed the Rs 21,000-crore mark for the first time. According to the defence minister, the arms exports touched Rs 21,083 crore in the financial year 2023-24, a “spectacular growth” of 32.5 per cent over the previous fiscal. India’s growing defence exports India supplies arms to over 85 countries, including Italy, …

India’s defence exports cross ₹21,000 crore mark
8 months, 3 weeks ago

India’s defence exports cross ₹21,000 crore mark

Hindustan Times  

New Delhi: India’s defence exports grew 32.5% this fiscal and crossed the ₹21,000-crore mark for the first time as the country remains focussed on boosting the indigenous defence manufacturing ecosystem as well as military exports, the defence ministry said on Monday. “Delighted to inform everyone that the Indian Defence Exports have scaled to unprecedented heights and crossed ₹21,000 crore mark …

Trade puzzle: The Hindu Editorial on exports and global trade
9 months ago

Trade puzzle: The Hindu Editorial on exports and global trade

The Hindu  

Towards the end of a tumultuous trading year, India’s goods exports jumped 11.9% in February, marking the healthiest uptick in 20 months. It is remarkable that this spurt, significantly higher than the average export tally of $35.4 billion in the first ten months of this year, comes amid persistent concerns about disruptions in the Red Sea and the drought-hit Panama …

Trade deficit widens to USD 18.71 billion in Feb as both imports, exports rise
9 months, 1 week ago

Trade deficit widens to USD 18.71 billion in Feb as both imports, exports rise

New Indian Express  

NEW DELHI: India’s trade deficit increased to $18.71 billion in February from $17.49 billion in January, with imports exceeding exports, amid red sea crisis, as per recent official data. Goods imports surged to $60.11 billion in February from $54.41 billion in January, while exports increased to $41.40 billion from $36.92 billion. Goods exports grew by 11.86% compared to $37.01 billion …

India’s monthly merchandise exports rise to $41.40 billion in February
9 months, 1 week ago

India’s monthly merchandise exports rise to $41.40 billion in February

Hindustan Times  

NEW DELHI: India reported a robust 12% annualised growth in merchandise exports at $41.4 billion in the month of February despite global headwinds, narrowing contraction in the first 11 months of 2023-24 by 3.6% to $395 billion, a senior official said. In 2022-23, India’s merchandise exports crossed $451 billion while overall exports achieved a record $770 billion. Releasing the monthly …

What should India do to achieve ₹50,000 crore defence export target in 5 years?
9 months, 2 weeks ago

What should India do to achieve ₹50,000 crore defence export target in 5 years?

The Hindu  

In a recent speech, Defence Minister Rajnath Singh estimated exports in the sector at ₹50,000 crore five years from now. As we noted at the beginning, a thriving domestic industry would give a country the flexibility to use production lines to ramp up defence output when needed. South Korea, a much smaller nation, accounted for 2.4% of global exports for …

Key markets remain positive for engineering exports
9 months, 4 weeks ago

Key markets remain positive for engineering exports

Deccan Chronicle  

Chennai: Despite the Red Sea crisis, top markets, including the US, China, UAE and Russia remained positive for engineering exports in January. Engineering goods exports to as many as 13 out of the 25 top markets that contribute to 76 per cent of the total shipments recorded positive year-on-year growth in January 2024. Engineering shipments to the US rose 6 …

Manufacturing versus services: A false binary
10 months ago

Manufacturing versus services: A false binary

Hindustan Times  

The debate around India’s policy focus — whether it should be on manufacturing or services — is once again heating up. India’s share of global services exports is currently ~4.4%, and the country is already the largest provider of telecom and information services. The other pillar of the country’s export strategy — services exports — is where India already has …

India’s merchandise exports up 3.12% in January
10 months, 1 week ago

India’s merchandise exports up 3.12% in January

Hindustan Times  

India’s merchandise exports reported a 3.12% increase to $36.92 billion in January despite global headwinds, showing positive growth for the second consecutive month, with overall exports -- both goods and services -- estimated to have risen 9.27% to $69.72 billion in the month, government data released on Thursday said. Releasing trade data for January, commerce secretary Sunil Barthwal said, “Despite …

India key to Skoda’s exports strategy, says country CEO
10 months, 2 weeks ago

India key to Skoda’s exports strategy, says country CEO

Live Mint  

New Delhi: India will play an important role in Czech carmaker Skoda Auto’s ambition to expand into South-east Asian markets, as the European automotive group Skoda Auto Volkswagen India, which operates five major automobile brands in the country—Skoda, Volkswagen, Audi, Lamborghini, and Porsche—looks to tap into India as a major source of and enabler for exports into other South-east Asian …

A tale of India’s two big export industries: And a lesson on incentives
11 months ago

A tale of India’s two big export industries: And a lesson on incentives

Live Mint  

India boasts of vast production capacity in one industry. Almost all its raw material is imported, resulting in the highest foreign value-added content in Indian exports among all industries, and low employment generation via backward linkages. Entrepreneurs in both sectors realized that by entering these, they can avoid dependence on India’s poor physical infrastructure, stringent labour laws and multiple licensing …

India will be third largest GDP by 2027, says Nirmala
1 year, 1 month ago

India will be third largest GDP by 2027, says Nirmala

Deccan Chronicle  

New Delhi: Terming the India-Middle East-Europe Connectivity Corridor as one of the most promising connectivity projects, Union finance minister Nirmala Sitharaman on Wednesday said that it would be a win-win situation for all stakeholders who are involved in bringing efficiency in transportation, reducing logistic costs, increasing economic unity, generating employment, and lowering greenhouse gas emissions. The country’s economic growth is …

India sees 6.2% rise in goods exports in October
1 year, 1 month ago

India sees 6.2% rise in goods exports in October

The Hindu  

India’s goods exports grew only for the second time in 2023-24 in October, albeit on a low base, rising 6.2% to $33.6 billion, but imports jumped to a record high of $65.03 billion, 12.3% over last year, fuelled by higher gold inflows. Consequently, India’s monthly goods trade deficit widened to an all-time high of $31.46 billion, eclipsing the previous record …

Trade deficit eases as imports plunge
1 year, 2 months ago

Trade deficit eases as imports plunge

Live Mint  

India’s trade deficit narrowed in September as imports plunged and exports continued to slide amid slowing demand in the West and China. Goods exports slipped marginally by 2.59% to $34.47 billion compared to $35.39 billion in September 2022, while imports fell a steeper 15% to $53.84 billion against $63.37 billion a year earlier. “India’s merchandise trade deficit compressed considerably to …

How Indian startups are contributing to India’s $5 trillion economy goal?
1 year, 2 months ago

How Indian startups are contributing to India’s $5 trillion economy goal?

Live Mint  

Indian startups have witnessed remarkable growth in recent years, with the country emerging as the third-largest ecosystem for ventures globally. In 2022, Indian startups attracted a whopping $42 billion in funding, a substantial leap from the previous year's $16 billion which underscores their pivotal role in India's aspiration to achieve a $5 trillion economy goal. India will soon become a …

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