New Delhi, 6 October (IANS). According to a latest report by NITI Aayog, India’s service exports have reached $ 102 billion, indicating a 14 percent increase on an annual basis.
The report further stated that service imports also stood at $ 48 billion, which shows an increase of 4.2 percent.
In FY 2025, the country’s total trade reached $ 1.73 trillion, including exports of $ 823 billion and imports of $ 908 billion.
Mineral fuel, electrical machinery and nuclear reactor were major export categories, with an increase of 38.2 percent in electrical machinery.
Top import goods included mineral fuel, electrical machinery, pearls and nuclear reactors.
The report stated that the inorganic chemical saw an increase of 82.1 percent, while the nuclear reactor imports increased by 18.1 percent.
In the fourth quarter of FY 2025, India’s exports to the United Arab Emirates, Netherlands, Britain, China and Singapore declined, while exports to the US saw a 27 percent increase in exports.
During this quarter, imports from China, Russia, United Arab Emirates, America, Iraq, Saudi Arabia and Singapore increased.
Gold from the United Arab Emirates and electronics from China contributed to import flow.
Earlier in the day, data compiled by S&P Global stated that India’s service sector activities remained stable in September and HSBC India Services Purchasing Manager Index (PMI) at 60.9.
HSBC chief India economist Pranjul Bhandari said that commercial activities in the service sector remained strong, although it was slightly lower than the recent high levels seen in August.
He said, “Most trackers softened, but the survey did not show anything that shows that there has been a major decline in the speed of development in services.”
He further said, “Instead, the Future Activity Index has reached its highest level since March, which is a sign of increasing optimism between service companies.”
According to the report, PMI Reading indicated continuous stability in India’s service economy, which supports strong demand, new business activities and positive attitude between companies.
-IANS
SKT/
