India rapidly emerging as global hub for services exports: NSE

“India is fast emerging as a global hub for services exports, with a compound annual growth rate of 14.8%, outpacing goods exports, which grew at 9.8%,” National Stock Exchange (NSE) officials said.

NSE highlighted strong growth in the services sector, structural reforms and demographic advantages driving the country’s economic transformation.

“India will be to services what China is to manufacturing. It is emerging as a global hub for services exports,” said Tirthankar Patnaik, chief economist at NSE. he said.

“India’s services exports have grown at a compound annual growth rate (CAGR) of 14.8% over the last three decades, outpacing goods exports, which grew at 9.8%,” the official said, making a presentation before a visiting media team from Jammu and Kashmir.

“With a 4.3% share in global services exports, India currently ranks seventh globally, led by telecom, IT and business services, which contribute nearly three-quarters of total services exports. Technology exports alone crossed $200 billion in FY25,” officials said.

“India has also emerged as the world’s largest hub for Global Talent 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 up to 26 lakh professionals.” they said.

“The Gulf Cooperation Council market size is expected to grow from $40 billion in FY 2019 to $100 billion by FY 30,” data showed. “Key structural and economic reforms include Goods and Services Tax (GST), Insolvency and Bankruptcy Code, Real Estate Regulation Act (RERA) and corporate tax cuts,” they said.

Officials also said liberalization through faceless appraisals, simplified labor laws and performance-linked incentive programs has boosted investor confidence, along with privatization and globalization measures including bank mergers, foreign trade agreements, foreign direct investment expansion and internationalization of UPI, which have further strengthened the economy.

On the social empowerment front, officials also highlighted major social reforms that have transformed daily lives, such as over 100 million LPG connections under Ujjwala Yojana, over 120 million toilets built under 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 next few years, thanks to strong services exports, a young and expanding workforce and increasing participation in capital markets.

In the presentations, it was estimated that India’s real GDP growth would be between 6.3-6.8%, while nominal growth would be around 12%. “At this rate, India is poised to become the world’s third largest economy by 2027, surpassing Japan and Germany,” NSE data showed.

The exchange has outlined a multi-pronged growth strategy focused on expanding private investment, strengthening MSMEs, closing the education-employment gap and promoting green finance and agriculture-led growth. “NSE’s analysis reaffirms that India is evolving into a service-oriented powerhouse,” the NSE official added.