walterbibikow
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The Reserve Bank of India released the monthly data on India's international trade in services for December 2022.
According to the data, India's services exports went up by 20.2 per cent on an annual basis to $31.287 billion in December 2022.
The December number is higher compared to that in November 2022. A month ago, services exports had come in a higher $27.017 billion.
During April-December of 2022-23 fiscal, the services exports stood at $235.158 billion. For the same period, the imports totalled $135 billion.
In the first nine months of FY23, India’s international trade of services recorded a surplus of $100 billion. The surplus of exports in services helps in cushioning the overall current account deficit to a great deal.
Analysis of service sector data in India suggests that the increase in exports can be largely attributed to thriving fields like information technology (IT) and telecom services, which are also witnessing fast growth within the country.
Experts have credited this to a highly skilled workforce, lower costs of services, and a more liberalised policy framework.
“Trade theory suggests that a country exports a commodity or service which intensively uses resources that are in plenty in the country. India’s endowment of human capital, including analytical skills and better spoken English as compared to the Chinese, helped the country to become competitive in IT and BPO services in the emerging economies since the starting of India’s globalisation process,” said Rudrani Bhattacharya, associate professor at the National Institute of Public Finance and Policy (NIPFP), an autonomous research institute under the Union Finance Ministry.
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