India's services export up 3.4% to over $160 bn in FY17

Posted by Daily Shipping Times on 17-05-2017        Tweet

MUMBAI: India's services export grew 3.4 per cent to $160.68 billion last fiscal, RBI data showed. The receipts from services export were $155.41 billion in the preceding fiscal 2015-16.

Also, payments for services imported by India also increased to $95.47 billion for fiscal ended March 2017, up 11.4 per cent from $85.72 billion a year ago. For March 2017, the services export grew 10 per cent to $14.18 billion from $12.90 billion in the corresponding month a year ago.

While payments done by India for services import in March 2017 increased to $8.27 billion, up 4.6 per cent from a year ago. India is one of the major economies contributing to world services export industry. Services sector contributes to about 55 per cent in India's gross domestic product. The data for the latest month comes with a lag of 45 days. The data published by Reserve Bank (RBI) is provisional initially and undergoes revision when the Balance of Payments (BoP) data is released on a quarterly basis.