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exports. Notwithstanding the setback witnessed in the wake of the pandemic, India’s services
sector remained relatively resilient when compared to merchandise trade. The sector provided
steady flow of current receipts even though exports from a few sub-sectors were adversely
affected. Net services export receipts amounted to US$ 41.67 billion in H1 of FY2020-21 as
compared with US$ 40.47 billion a year ago.
9.10 India’s services export growth moderated to 2.5 per cent in 2019-20 from 6.6 per cent
in 2018-19 as receipts primarily on account of transportation, insurance and communication
services. With contraction in global demand and implementation of COVID-19 induced
lockdown measures, services exports declined by 7.87 per cent in H1 of FY2020-21 as against
a growth of 6.39 per cent in the corresponding period of previous year (Table 5).
Table 5: Services Trade Performance by Sub-Sector
Share (per cent) Value (US$ billion) Growth (per cent YoY)
Commodity Group 2020-21 2020-21
2009-10 2019-20 2018-19 2019-20 (Apr- 2018-19 2019-20 (Apr-
Sept) Sept)
Total Services Exports 100 100 208.00 213.19 96.71 6.60 2.50 – 7.87
Travel 12.3 14.10 28.44 30.00 3.87 0.30 5.50 – 73.49
Transportation 11.6 9.80 19.46 20.99 10.28 11.60 7.80 – 2.34
Insurance 1.7 1.10 2.66 2.43 1.15 6.20 -8.70 – 2.99
GNIE* 0.5 0.30 0.61 0.66 0.29 -8.10 8.00 – 8.81
Software Services 51.8 43.70 83.47 93.10 47.69 7.90 11.50 3.55
Business Services 11.8 18.80 39.11 45.72 22.91 4.70 16.90 2.48
Financial Services 3.8 2.30 4.86 4.73 2.01 -5.90 -2.60 – 20.35
Communication 1.3 1.20 2.56 2.72 1.37 22.10 6.30 2.44
Total Services Imports 100 100.00 126.06 128.27 55.04 7.30 1.80 – 13.95
Travel 15.6 17.20 21.70 22.01 5.49 11.20 1.40 – 55.09
Transportation 19.9 18.90 20.53 24.28 8.98 16.60 18.30 – 25.90
Insurance 2.1 1.40 1.79 1.74 0.92 5.30 -2.90 19.44
GNIE* 0.9 0.90 1.11 1.11 0.52 40.30 -0.70 – 13.95
Software Services 2.4 6.60 5.81 8.46 4.62 13.10 45.50 15.60
Business Services 30.1 36.50 40.41 46.88 23.69 10.30 16.00 4.22
Financial Services 7.7 2.30 3.49 2.92 2.17 -37.00 -16.30 94.80
Communication 2.3 1.00 1.13 1.30 0.66 18.40 14.70 3.24
Services Trade Balance 81.94 84.92 41.67
Goods Trade Balance -180.28 -157.51 – 25.55
Source: Computed from RBI data.
Note: GNIE = Government not included elsewhere. Growth rate is based on values in US dollar terms.
