India's services exports rise to record $254.4 billion in 2021-22

New Delhi: India’s services exports set a new record of $254.4 billion in the financial year ended March 2022. The new record achieved in 2021-22 beats the previous high of $213.2 billion achieved in 2019-20, the Ministry of Commerce and Industry said on Wednesday.

Services exports hit an all-time monthly high of $26.9 billion in March 2022.

Telecommunications, computer, and information services, other business services and transport are the top contributors to services exports during April-December period of 2021-22, the Ministry of Commerce and Industry said in a statement.

India’s overall exports (i.e. Services and Merchandise) touched $676.2 billion in the financial year 2021-2022 as both services and merchandise hit record high exports in the financial year 2021-2022. India’s overall exports were $526.6 billion and $497.9 billion in 2019-20 and 2020-21 respectively.

India’s merchandise exports had crossed $400 billion milestone in the financial year 2021-2022 and stood at $421.8 billion which is a phenomenal increase of 44.6 per cent and 34.6 per cent over 2020-21 and 2019-20 respectively, the ministry said.

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