The country’s services sector may break records in the coming years. The government has prepared for this. Moreover, a plan worth Rs 83.78 lakh crore has also been drawn up. In fact, the government has set the export target at $1 trillion i.e. Rs 83.78 lakh crore by the year 2030. This target has been set at a time when the country’s exports have fallen for the second consecutive month in the month of August. Let us also tell you what kind of plan the government has drawn up?
The government’s approach to these sectors
To boost the country’s services sector exports, the Commerce Ministry is planning to pay more attention to 12 major sectors. This is expected to help improve the overall export numbers. Referring to this in the conversation, Commerce Secretary Sunil Barthwal said that India can play a ‘very’ important role in the services sector. He said, ‘We have identified 12 champion (key) services sectors and we will focus on them in a more coherent manner. We are thinking about how to focus on different services by collaborating with other ministries.
government objective
The sectors identified for promotion of services exports include information technology (IT), tourism, healthcare, education, transportation, accounting, and related construction and engineering services. Barthwal said that a target of exporting goods and services worth $1 trillion by 2030 has been set. Services exports can play a major role in achieving this. He said that global conflicts do not affect this sector as much as goods. In fact, in the current global situation, the country’s commodity exports are being adversely affected.
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Exports at 13-month low
Due to global economic uncertainties, the country’s exports in August registered the biggest drop in 13 months. During this period, exports declined 9.3 percent to $34.71 billion, while the trade deficit widened to the highest level in 10 months to $29.65 billion. According to data released by the Ministry of Commerce on Tuesday, due to a significant increase in gold and silver imports, the country’s imports rose 3.3 percent to a record $64.36 billion.
The country’s trade deficit, the difference between imports and exports, was $30.43 billion in October 2023. At the same time, in July this year there was a 1.5 percent decrease in the country’s merchandise exports. In the first five months (April-August) of the current financial year, the country’s exports increased by 1.14 percent to $178.68 billion, while imports during this period increased by seven percent to $295.32 billion. Thus, the country’s trade deficit in the April-August 2024 period was $116.64 billion, while in the same period last year it was $99.16 billion.
