It isn’t just merchandise exports that are falling. The latest Reserve Bank of India data on India’s international trade in services show that services receipts from exports in February fell 12.55% from a year ago to $12.33 billion. That isn’t all — they were 6.3% lower than in February 2014.

According to Nasscom, IT-BPM (business process manufacturing) exports are estimated at $108 billion in FY17, or around $9 billion a month.

To be sure, the rate of growth in IT-BPM exports has fallen lately. But they’re still growing at 10%, according to Nasscom, and this is also broadly reflected in the financial results of IT companies. In that case, the other components of services receipts appear to have fallen by over 40%. The sluggish world economy appears to be taking a heavy toll on India’s services exports.

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