India: The Rising Powerhouse of Global Service Exports

India is rapidly becoming a global leader in service exports, growing at a 14.8% CAGR, surpassing goods exports. With robust structural reforms and demographic advantages, India ranks 7th globally in service exports, focusing on telecom, IT, and business services. Projections indicate economic growth to become the world's third-largest economy by 2027.

India is quickly solidifying its position as a global leader in services exports, showcasing a compound annual growth rate (CAGR) of 14.8%, significantly outpacing its goods exports, which grew at 9.8%, according to officials from the National Stock Exchange (NSE).

NSE Chief Economist Tirthankar Patnaik highlighted India's potential in services, likening its rise to China's dominance in manufacturing. India now occupies the 7th spot globally with a 4.3% share in services exports, driven predominantly by telecom, IT, and business services. Notably, technology exports have exceeded USD 200 billion in FY25.

The country anticipates ascending to the world's third-largest economy by 2027, surpassing Japan and Germany, thanks to strategic reforms, investor-friendly policies, and significant structural changes. A focus on private investment, strengthening MSMEs, education-employment alignment, and green financing is central to this expansive growth trajectory.

(With inputs from agencies.)