India has witnessed a remarkable growth in its share of global commercial services exports over the years. As a testament to its economic progress, the World Bank and World Trade Organization (WTO) released a report titled ‘Trade in services for development,’ shedding light on India’s expanding role in the global services sector. In 2005, India’s share of global commercial services exports stood at 2%. However, by 2022, this figure had doubled to 4.4%. This remarkable growth indicates India’s increasing participation and competitiveness in the international services market. The report identifies four economies as leading services exporters and importers: China, Hong Kong (China), Singapore, and India. These nations have demonstrated their prowess in service-oriented industries, contributing significantly to global trade.
Cross-Border Services and Job Opportunities
- In India, South Africa, and Türkiye, cross-border services exports have played a crucial role in job creation. More than 10% of total services sector jobs in these countries are directly linked to cross-border services exports.
- This highlights the importance of international trade in driving employment opportunities and economic growth.
Medical Tourism in India
- India has emerged as a popular destination for medical travel, attracting foreign patients from various countries, including the United Kingdom and the United States.
- Seeking affordable yet high-quality treatment, patients from developed and developing nations alike opt for India’s healthcare services.
Digital Transformation
- The advent of information and communications technologies (ICT) has revolutionized the services sector. Between 2005 and 2022, global commercial services exports nearly tripled, with digitally delivered services experiencing a four-fold increase.
- In 2022, digitally delivered services exports were valued at a staggering $3.82 trillion, constituting 54% of total global services exports.