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Six fold increase in services sector exports

Exports from the services sector, the largest and fastest growing sector in the economy, have recorded a more than six fold increase in the last nine years from $ 20.76 billion in 2002-03 to $ 131.97 billion in 2010-11, a top Service Export Promotion Council official said today.

business Updated: Aug 14, 2011 02:19 IST

Exports from the services sector, the largest and fastest growing sector in the economy, have recorded a more than six fold increase in the last nine years from 20.76 billion $ in 2002-03 to 131.97 billion $ in 2010-11, a top Service Export Promotion Council official said on Saturday.

"If this growth rate is sustained, services exports can touch the level of merchandise exports in the coming years, even as India's services trade, both export and imports, stood at 216.28 billion in 2010-11," SEPC Director General Rakesh Sharma said.

He was speaking at the three-day India Travel and Living (INTRA) and Hotel Supplies Expo here.

Sharma said while the balance of trade in merchandise has been negative, it was constantly positive for services. While merchandise reported a deficit of around $131 billion, services reported about $ 50 billion surplus trade in 2010-11.

Sharma said some exporters were unaware of various schemes offered by the commerce and industry like Market Development Assistance, through which members are eligible to participate in overseas 'buyers seller meets,' or in any international conference to showcase their service capability.