The Services Export Promotion Council (SEPC) stands as a significant facilitator in boosting India’s services export, playing a pivotal role in augmenting the country’s economy on the global front. Over the last five years, India has witnessed a commendable 12% surge in its services export, showcasing the sector’s robust growth. This growth trajectory is further highlighted by the sectoral exports’ remarkable ascent of 28% in the fiscal year 2022-23 alone, signaling a notable expansion across various domains.
Crucially, the upsurge has been notably driven by the manufacturing, business, and telecom sectors, contributing significantly to India’s export prowess. The travel sector has witnessed a staggering growth rate of 197%, while the transport sector saw an 11% increase in the fiscal year 2022-23, indicating a thriving and burgeoning services landscape.
India’s enviable rank of 3rd globally in startups is a testament to the nation’s entrepreneurial spirit, with a substantial majority emerging within the services sector. These startups, marked by innovation and technological advancements, contribute significantly to India’s services exports, further enhancing the country’s global footprint.
SEPC’s Key Achievements:
- Enhanced Export Growth: SEPC’s efforts have significantly contributed to the commendable growth in services export, fostering a conducive environment for trade expansion.
- Sectoral Diversification: The council’s initiatives have facilitated substantial diversification across sectors, resulting in exponential growth rates in various domains such as manufacturing, business, telecom, travel, and transport.
- Promoting Entrepreneurship: SEPC’s role in fostering a conducive ecosystem for startups within the services sector has led to India securing a notable position globally, positioning the nation as a hub for innovation and entrepreneurship.
- Global Recognition: India’s elevated status in services export owes much to SEPC’s endeavors in garnering global recognition for the nation’s services, thereby attracting international investments and collaborations.
The Services Export Promotion Council’s relentless efforts and strategic initiatives have significantly propelled India’s services export landscape, paving the way for sustained growth and prominence on the global stage. As the sector continues to flourish, SEPC remains steadfast in its commitment to fostering an environment conducive to robust services export, thereby bolstering India’s economy and global standing.