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India has doubled its share of global commercial services exports to 4.4% in 2022 from 2% in 2005, in response to a World Bank and World Trade Organization (WTO) report.
“China and India doubled their share of global commercial services exports from 2005 to 2022, from 3.0% to 5.4%, and from 2.0% to 4.4%, respectively,” it mentioned.
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The report titled ‘Trade in services for improvement’ additionally mentioned that in India, South Africa and Türkiye, jobs instantly linked to cross-border services exports account for greater than 10% of whole services sector jobs.
“The developing economies’ impressive trade performance under this expanded measure of trade in services is largely due to four economies that rank as leading services exporters and importers– China; Hong Kong; Singapore; India,” the report mentioned.
It added that India and the Philippines might want to upskill and reskill their workforces and put money into the event of their home services sectors — notably in phrases of R&D to maintain tempo with quickly altering expertise and nonetheless stay aggressive and progress up the worth chain.
“India has become a popular destination for medical travel, and hosted around 3.5 million foreign patients from 2009 to 2019,” the report mentioned.
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Foreign sufferers from developed nations such because the United Kingdom and the United States, in addition to from growing nations similar to Bangladesh, Nepal and Sri Lanka, go to India in search of less expensive, high-quality therapy, in response to the report.
Noting that services value-added accounted for over 51% of India’s whole exports in 2018, the 2 organisations mentioned that India’s expertise highlights how reforms to facilitate international direct funding (FDI) in services can “ignite positive growth dynamics by boosting participation in foreign manufacturing value chains”.
“Fuelled by advances in information and communications technologies (ICT), global commercial services exports almost tripled between 2005 and 2022, a period that saw marked changes in the composition of services trade, with exports of digitally delivered services increasing almost four-fold,” they mentioned.
