The National Stock Exchange (NSE) highlights the robust growth in the services sector, structural reforms and demographic advantages that are driving the country’s economic transformation.
“India will be to services what China has been to manufacturing. The country is emerging as a global hub for services exports,” NSE chief economist Tirthankar Patnaik said.
India’s services exports have grown at a compound annual growth rate (CAGR) of 14.8 percent over the past three decades, surpassing goods exports which grew at 9.8 percent, said the official, who was making a presentation to a visiting media team from Jammu and Kashmir.
With a 4.3 percent share of global services exports, India now ranks seventh globally, led by telecom, IT and business services that account for almost three-quarters of total services exports. Technology exports alone crossed the $200 billion mark in FY25, the officials said.
“India has also emerged as the world’s largest hub for Global Capability Centers (GCCs). Their numbers have increased from 1,430 in FY19 to 1,700 in FY24, and are expected to reach 2,200 by FY30, employing around 26 lakh professionals,” they said. The GCC market size is expected to grow from $40 billion in FY19 to $100 billion in FY30, the data said. “Key structural and economic reforms include the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code, the Real Estate Regulation Act (RERA) and corporate tax cuts,” they said.
The officials further said that liberalization through faceless assessments, simplified labor laws and performance-related incentive schemes has boosted investor confidence, apart from privatization and globalization measures, including bank mergers, foreign trade deals, expansion of foreign direct investment and internationalization of the UPI, which have further strengthened the economy.
On social empowerment, the officials also highlighted major social reforms that have transformed daily life: over 100 million LPG connections under the Ujjwala Yojana, over 120 million toilets built under the Swachh Bharat Mission, and massive financial inclusion through Jan Dhan Yojana.
They said India is poised to emerge as a $5 trillion economy in the coming years, driven by robust services exports, a young and growing workforce and increasing participation in capital markets.
The presentations forecast India’s real GDP growth at 6.3-6.8 percent, while nominal growth was estimated at around 12 percent.
“At this rate, India will become the world’s third largest economy by 2027, overtaking Japan and Germany,” the NSE data shows.
The exchange outlined a multifaceted growth strategy aimed at expanding private investment, strengthening MSMEs, bridging the gap between education and employment, and promoting green finance and agriculture-led growth.
“NSE’s analysis reaffirms India’s transformation into a services-driven superpower,” the NSE official added.
#India #rapidly #developing #global #hub #services #exports #NSE