MUMBAI: India's services exports grew by 8 per cent to $14.15 billion in October, the Reserve Bank data showed. They amounted to $13.11 billion in October last year.
The imports of services increased as well, by 13.3 per cent, entailing an outgo of $8.7 billion in October, as per the RBI data on India’s International Trade in Services. Import payments were at $7.68 billion in October 2016. Cumulatively, the services exports during the April- October period of the 2017-18 fiscal reached $94.48 billion. The imports stood at $55.44 billion.
India is one of the major economies contributing to the world services export industry. The services sector contributes to about 55 per cent in India’s gross domestic product (GDP).
The data published by the Reserve Bank of India is provisional and undergoes revision when the Balance of Payments (BoP) data is released on a quarterly basis.