India global services export to reach US$ 800 billion by 2030: Goldman Sachs

Goldman Sachs forecasts India's services exports to surge to US$ 800 billion by 2030, a significant rise from US$ 340 billion in 2023, bolstering the external sector and curbing rupee volatility. The report titled 'India’s Rise as the Emerging Services Factory of the World' projects services exports to represent around 11% of GDP by 2030, compared to 9.7% in 2023.

The current account deficit is expected to average around 1.1% of GDP from 2024 to 2030, with projections for 2024 remaining unchanged at 1.3%. Geopolitical tensions in West Asia and reduced agricultural exports to Iran pose risks to potential gains from services exports. India's contribution to global services exports has more than doubled in the last 18 years, with the emergence of global capability centers (GCCs) driving growth. High-value services are anticipated to fuel demand for top-tier discretionary spending, stimulating domestic commercial and residential real estate activity.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.