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New Delhi, Oct 21 (KNN) India is rapidly becoming a global leader in services exports, according to the National Stock Exchange of India (NSE). Over the past three decades, the country’s services sector has grown at a compound annual growth rate (CAGR) of 14.8 %, outpacing goods exports, which grew at 9.8 %. Currently, India accounts for about 4.3 % of global services exports, ranking seventh worldwide. Telecom, IT, and business services form the backbone of this growth, contributing roughly three‑quarters of total service exports. Technology exports alone crossed USD 200 billion in fiscal year 2025. NSE Chief Economist Tirthankar Patnaik compared India’s rise in services to China’s manufacturing boom, calling the country a “global hub for services exports.” India is also becoming the world’s largest base for Global Capability Centres (GCCs), with numbers rising from 1,430 in FY19 to 1,700 in FY24 and projected to reach 2,200 by FY30. GCCs are expected to employ around 2.6 million people and increase their economic contribution from USD 40 billion in FY19 to USD 100 billion by FY30. Structural reforms such as GST implementation, the Insolvency and Bankruptcy Code, the Real Estate Regulation Act, and reduced corporate taxes have accelerated this momentum. Simplified labor laws, digital assessments, increased FDI, and the internationalisation of the UPI system have further strengthened investor confidence. On the social front, programs like the Ujjwala scheme, Swachh Bharat mission, and Jan Dhan Yojana have improved millions of lives, supporting India’s broader economic transformation. Looking forward, India’s real GDP growth is projected at 6.3–6.8 % with nominal growth around 12 %. If this pace continues, India could become the world’s third‑largest economy by 2027, surpassing Japan and Germany. (KNN Bureau)
