MUMBAI: The apex bank, Reserve Bank of India (RBI) on Monday released data which stated that India’s services exports increased by 9.5 per cent to $12.28 billion.
In February 2012, the services exports by Indian companies stood at $11.22 billion. However, the exports in February were down from a month ago at $13.89 billion in January 2013.
Ajay Sahai, Director General and CEO, Federation of Indian Export Organisations (FIEO), said, “The services exports are not on expected lines. We require double digit growth in services exports. In the present scenario, there is a contraction in global demand in merchandise trade.”
However, services imports (payments) in February 2013 stood at $6.35 billion against $6.75 billion a year earlier. In January 2013, the services import stood at $7.52 billion.
The Federation is expecting better exports data in services and sees $160 billion services receipt in the full year 2012-13, Sahai said.
The services sector contributes more than 50 per cent to the country’s gross domestic product.
During April-February period of 2012-13, the cumulative services receipt or exports have amounted to $121.18 billion.
Imports of services were valued at $73.68 billion during the 11 months period in 2012-13.