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Last updated: Jul 04, 2023 02:33am IST
A mobile crane loads a container at the port of Thar Drai in Sanand in the western state of Gujarat, India, February 13, 2017. Picture taken on February 13, 2017. (Reuters File Photo)
India has doubled its share of global commercial services exports to 4.4 percent in 2022 from 2 percent in 2005, according to a report by the World Bank and the World Trade Organization.
India has doubled its share of global commercial services exports to 4.4 percent in 2022 from 2 percent in 2005, according to a report by the World Bank and the World Trade Organization.
She added, “China and India doubled their share of global commercial services exports from 2005 to 2022, from 3.0 percent to 5.4 percent, and from 2.0 percent to 4.4 percent, respectively.”
The report, Trade in Services for Development, also said that in India, South Africa and Turkey, jobs directly related to cross-border exports of services account for more than 10 percent of total services sector jobs.
“The impressive trade performance of developing economies under this expanded measure of trade in services is largely due to four economies that rank as leading exporters and importers of services – China; Hong Kong; Singapore; India,” the report said.
She added that India and the Philippines will need to upskill and reskill their workforces and invest in developing local service sectors – particularly in terms of research and development to keep pace with rapidly changing technology and remain competitive and move up the value chain.
“India has become a popular destination for medical travel, hosting around 3.5 million foreign patients from 2009 to 2019,” the report said.
Foreign patients from developed countries such as the United Kingdom and the United States, as well as from developing countries such as Bangladesh, Nepal and Sri Lanka, are going to India in search of less expensive and high-quality treatment, according to the report.
Noting that value-added services accounted for more than 51 percent of India’s total exports in 2018, the two organizations said India’s experience highlights how reforms to facilitate foreign direct investment in services can “ignite positive growth dynamics by fostering Participation in foreign services. manufacturing value chains”.
“Driven by developments in information and communication technologies (ICTs), global commercial services exports nearly tripled between 2005 and 2022, a period that saw remarkable changes in the composition of services trade, as exports of digitally rendered services nearly quadrupled,” they said.
(This story was not edited by the News18 staff and was published from a syndicated news agency feed – PTI)
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