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Services 323

9.21 The impact of Covid-19 induced global lockdown on India’s services exports was less
severe as compared to merchandise exports. During 2020-21, India’s goods exports (BoP basis)
declined by 7.5 per cent (YoY), while services exports declined by only 3.3 per cent (YoY). The
impact was much severe in travel exports, which fell almost 72 per cent in 2020-21. During
H1 2021-22, with vast inoculation drive and pickup in global demand, India’s services exports
increased by 21.6 per cent as against a fall of 7.8 per cent during the same period a year ago
(Table 5). The improvement in exports was seen in almost all services sub-sectors, barring travel
services which remained in contractionary mode due to persisting restrictions on international
travel and tourism (Table 5).

Table 5: Services Trade Performance by sub-sector

Share
(per cent) Value (US$ Billion) Growth (per cent YoY)
Commodity
Group 2010- 2020- 2019 2020 2020-21 2021-22 2019- 2020- 2020-21 2021-22
11 21 -20 -21 (Apr- (Apr- 20 21 (Apr- (Apr-
Sept) Sept) Sept) Sept)
Total Services 100 100 213.2 206.1 96.8 117.6 2.5 -3.3 -7.8 21.6
Exports
Travel 12.7 4.1 30.0 8.5 4.0 3.7 5.5 -71.7 -72.5 -6.6
Transportation 11.4 10.6 21.0 21.9 10.2 14.3 7.8 4.1 -3.3 40.7

Insurance 1.6 1.2 2.4 2.4 1.2 1.6 -8.7 -2.2 -3 35.9
GNIE* 0.4 0.3 0.7 0.6 0.3 0.4 8.0 -4.5 -8.8 43.7
Software 42.6 48.5 93.1 100 47.4 57.6 11.5 8.6 2.9 21.4
Services
Business 19.3 23.9 45.7 49.2 22.9 26.8 16.9 7.5 2.5 17.1
Services
Financial 5.2 2.1 4.7 4.3 2.0 2.5 -2.6 -8.3 -20.3 24.4
Services
Communication 1.3 1.4 2.7 2.8 1.4 1.6 6.3 2.9 2.4 15.0
Total Services 100 100 128.3 117.5 54.9 66.2 1.8 -8.4 -14.2 20.7
Imports
Travel 13.7 9.8 22.0 11.5 5.5 6.8 1.4 -47.7 -54.8 23.1
Transportation 17.2 16.8 24.3 19.8 9.0 14.8 18.3 -18.7 -25.9 64.9
Insurance 1.7 1.8 1.7 2.1 0.9 1.0 -2.9 18.4 19.9 9.6
GNIE* 1.0 0.9 1.1 1.0 0.5 0.4 -0.7 -7.7 -14 -16.6
Software 2.7 8.7 8.5 10.3 4.6 5.7 45.5 21.2 15.6 22.4
Services
Business 34.4 42.1 46.9 49.5 23.9 24.1 16.0 5.6 4.1 0.9
Services
Financial 9.3 4.1 2.9 4.8 2.2 2.6 -16.3 63.2 94.8 19.0
Services
Communication 1.4 1.2 1.3 1.4 0.7 0.6 14.7 11.0 3.2 -11.3
Services Trade 100 100 84.9 88.6 41.8 51.4
Balance
Goods Trade -157.5 -102.2 -25.8 -75.1
Balance
Source: RBI.
Note: *: Government not included elsewhere