Record-Breaking Growth in India's Services Exports

India's services exports have witnessed a remarkable increase of 13.6%, reaching an unprecedented $387.5 billion in the last financial year. This growth is attributed to the booming activity in global capability centers and steady expansion in IT and IT-enabled services.

March Exports Highlight Significant Year-on-Year Growth

The Reserve Bank of India (RBI) reported that services exports in March alone were $35.6 billion, marking an 18.6% increase compared to the same month last year. Consequently, India's total exports, including goods and services, climbed to $824.9 billion in 2024-25, showcasing a 6% growth from the previous year.

Current Account Benefits from Robust Net Invisibles

Further data from the RBI reveals that India's current account has significantly benefited from strong net invisibles, covering 84% of the trade deficit in the quarter ending December 2024. Net invisible receipts stood at $67.7 billion, a 10.6% rise from the previous year.

Telecom and IT Lead the Charge in Invisible Earnings

The telecom, computer, and information technology sectors have emerged as the primary contributors to invisible earnings, accounting for 32% of the total. Private transfers, mainly remittances from overseas Indians, followed closely, representing over 24% of the total invisible receipts.