Global services exports have significantly outpaced goods exports since 2014, reaching $8.6 trillion in 2024 and creating millions of jobs in developing economies. India has emerged as a major beneficiary of this trend, ranking as the eighth-largest services exporter globally with a 4.2% market share. Currently, nearly half of India’s total exports are in services, providing a critical cushion against global trade turbulence and new international tariff regimes.
Despite this success, India faces a significant concentration risk, as professional management consulting (PMC) and computer services account for over 65% of its services exports. In other major global categories such as travel, transport, and financial services—which represent half of worldwide services trade—India’s share remains a marginal 1-2%. This narrow focus leaves India vulnerable to protectionist shifts in global policy.
To mitigate these risks, the government is pursuing a two-pronged strategy to maintain PMC leadership while boosting competitiveness in other sectors. Initiatives include expanding e-visa schemes for medical tourism, developing GIFT City as a financial services hub, and leveraging maritime infrastructure to propel transport services. Additionally, India aims to fill the global skill gap for vocational professionals, such as paramedics and machinists, to address the needs of aging populations in advanced nations.