False
Download Learnerz IAS app from the Play Store now! Download

$show=search/label/May%202022

 


India's intangible exports UPSC NOTE

 Growth

  • A deep-dive research report from global investment banking major Goldman Sachs, evocatively titled ‘India’s rise as the emerging services factory of the world’, has captured India’s recent success in providing global services and sought to forecast growth prospects and risks in the medium term. 

  • The firm takes a broader view of India’s services exports over the last 18 years, including professional consulting, that have grown the fastest, travel services which have grown the slowest, and financial services that could gain if initiatives such as the GIFT City click.

  • While global services exports tripled over 18 years, such intangible exports from India grew at twice the pace to reach nearly $340 billion last year. 

  • In fact, its exports growth has been the third fastest globally since 2005, behind Singapore and Ireland. 

  • The country’s share in global services outflows has risen from under 2% in 2005 to 4.6% in 2023. 

  • India’s share in goods exports increased from 1% to 1.8% during this period.

  • The services trade boom has also served as an invaluable cushion for India’s external account balances against shocks such as pricey oil imports

  • Goldman Sachs expects that buffer to remain in play with services exports projected to rise to $800 billion by 2030. 

  • While this is slightly lower than the government’s target of $1 trillion by 2030 for both services and merchandise exports, a continuing uptick in high-value services would also drive top-end discretionary consumption and real estate demand, the firm reckoned. 

  • In the immediate term, the outlook is tentative as top firms in IT services, still India’s most dominant export segment, have shed employees over the past year and their growth guidance for this year is far from bullish

  • A protectionist tendency in destination countries could hurt exports, just as irrational domestic policy interventions such as attempts to “manage” IT hardware imports. 

Way Forward

  • India needs a calibrated approach to sustain the services success story. 

  • That should include a hard push for global market access and opportunities for all professional services, as well as a light-touch regulatory approach to let new ideas and enterprises bloom across areas such as artificial intelligence, manufacturing-linked services, and blockchain applications


COMMENTS

Name

Amritsar,1,April 2024,301,Art & Culture,1,August 2023,251,Courses,7,Daily Current Affairs,48,December 2023,189,Disaster Management,2,Environment and Ecology,54,February 2024,228,Foundation Course,1,GDP,1,GEMS Club,1,GEMS Plus,1,Geography,67,Govt Schemes,2,GST,1,History,2,Home,3,IAS Booklist,1,Important News,71,Indian Economy,46,Indian History,2,Indian Polity,56,International Organisation,12,International Relations,58,Invasive Plant,1,January 2024,240,July 2023,281,June 2022,6,June 2023,268,March 2024,238,May 2022,17,May 2024,233,Mentorship,2,November 2023,169,October 2023,203,Places in News,2,Science & Technology,66,September 2023,205,UPSC CSE,111,
ltr
item
Learnerz IAS | Concept oriented UPSC Classes in Malayalam: India's intangible exports UPSC NOTE
India's intangible exports UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
https://www.learnerz.in/2024/05/indias-intangible-exports-upsc-note.html
https://www.learnerz.in/
https://www.learnerz.in/
https://www.learnerz.in/2024/05/indias-intangible-exports-upsc-note.html
true
4761292069385420868
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content