India doubled global commercial services exports

neerajsingh18

Jul 4

India doubled global commercial services exports

The World Bank and World Trade Organisation (WTO) recently released a report in which it has been indicated that India has grow to double its share of global commercial services exports from 2% in 2005 to 4.4 % in 2022.

The report showcased that China has also doubled their share of global commercial services exports from 2005 to 2022, from 3.0 percent to 5.4 percent.

"Trade in Services for development" report:

The report titled 'Trade in services for development' showed that jobs directly linked to cross-border services exports account for more than 10 percent of total services sector jobs in India, South Africa and Türkiye.
The developing economies are showing impressive trade performance under this expanded measure of trade in services.
Four economies have been emerged as leading services exporters and importers are China, Hong Kong, Singapore and India.
The report has also mentioned that India and the Philippines are required to up-skill and re-skill their workforces and invest in the development of their domestic services sectors.

India- Popular destination:

As India has become a popular destination for medical travel it has hosted around 3.5 million foreign patients from 2009 to 2019.
Foreign patients from developed countries like United Kingdom, the United States many others come to India in search of less costly, high-quality treatment.

Sectoral growth:

India's experience shows how reforms to facilitate foreign direct investment (FDI) in services can "ignite positive growth dynamics by boosting participation in foreign manufacturing value chains.
Information and communications technologies (ICT) under global commercial services exports almost grew by thrice between 2005 and 2022.
It is a period that witness marked changes in the composition of services trade.