India's services exports rose 4.3 per cent to USD 214.61 billion in 2019-20, data from the Reserve Bank showed on Friday

India's services exports rose 4.3 per cent to USD 214.61 billion in 2019-20, data from the Reserve Bank showed on Friday. . The services exports or receipts were USD 18.16 billion in March 2020, while the imports or payments stood at USD 11.11 billion. .

In 2018-19, the country's services exports stood at USD 205.8 billion. . Imports during 2019-20 too increased to USD 131.56 billion as against USD 125.46 billion in 2018-19. .

India is one of the major economies contributing to the world services export industry. The services sector accounts for about 55 per cent of India's gross domestic product (GDP). . The data for the latest month comes with a lag of 45 days. The data published by the RBI is provisional and undergoes revision when the Balance of Payments data is released on a quarterly basis. The country's foreign trade policy provides tax incentives under the Service Exports from India Scheme (SEIS) to several service segments. .

Depending on the nature of services, the government gives duty credit scrips or certificates. The scheme offers reward at 5 per cent or 7 per cent of net foreign exchange earned and covers service providers located in India. . Currently, nine broad categories of services are covered in the list, including professional, communication, educational, environmental, tourism and transport..