Exports of services could grow by 10 pc during FY22: SEPC

New Delhi, July 18 (PTI) The country’s service exports are forecast to increase by 10% in 2021-2022 due to healthy growth in sectors such as professional and management consulting, audio-visual, freight transport and telecommunications, according to UPCE.

Services Export Promotion Council (UPCE) Chairman Maneck Davar said that despite the pandemic, the sector saw a decline of just 3% in exports in 2020-2021 to $ 205.27 billion.

“Based on RBI data, we are confident that we will experience strong growth again, as service exports are expected to increase by 10% in 2021-2022 due to the performance of sectors such as professional advisory services. and management, audiovisual and related services. freight transport services, telecommunications, computer and information services, “he said.

Exports in 2019-20 and 2018-19 were respectively USD 214.61 billion and USD 205.79 billion.

To further stimulate shipments, Davar suggested that the government develop an incentive package in the forthcoming foreign trade policy that should be results-oriented and support MSMEs, which make up more than 90 percent of the services sector.

“We have submitted a service export duty remission scheme (DRESS) similar to RoDTEP (remission of duties and taxes on exported products), I personally think that a less complex scheme can be devised that will really incentivize them. exports of services and will link the same to growth, ”he added.

He said there are many sectors with huge potential such as telemedicine, business services, healthcare and education, where exports can be significantly increased.

“We are preparing a road map to be submitted to the government to further increase service exports,” the president said.

Over the years, the main markets for India’s service exports have been advanced countries like the United States, United Kingdom, Germany, the Netherlands and France.

However, in recent years, he said, the Council has seen massive growth in exports to Ireland, Croatia, Romania, Bulgaria and Slovenia.

India is seeking to expand its exports in sectors such as professional advisory and management services, intellectual property rights, financial services, entertainment services including audiovisual and gaming, business services. audit, education and health.

“Given India’s Act East policy and strategic partnership with East Asia and the Asia-Pacific region, there is immense potential to increase our trade in services with countries like Japan. and Australia which could be new destinations for our exports, ”he added. PTI RR ANU ANU

Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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