India rapidly emerging as global hub for services exports, says National Stock Exchange (NSE)
- IBEF
- October 21, 2025
India is rapidly emerging as a global hub for services exports, with a compound annual growth rate (CAGR) of 14.8% over the past three decades, outpacing goods exports which grew at 9.8%, according to the National Stock Exchange (NSE). India now ranks seventh globally in services exports with a 4.3% share, led by telecom, IT, and business services which contribute nearly three-fourths of total service exports. Technology exports alone crossed Rs. 17,58,800 crore (US$ 200 billion) in FY25. India has also emerged as the world’s largest hub for Global Capability Centres (GCCs), with their number rising from 1,430 in FY19 to 1,700 in FY24, and projected to touch 2,200 by FY30, employing up to 26 lakh professionals. The GCC market size is expected to expand from Rs. 351,760 crore (US$ 40 billion) in FY19 to Rs. 8,79,400 crore (US$ 100 billion) by FY30. Key structural and economic reforms such as the Goods and Services Tax (GST), Insolvency and Bankruptcy Code, Real Estate Regulation Act (RERA), and corporate tax cuts have bolstered the economy. Liberalisation through faceless assessments, simplified labour laws, and performance-linked incentive schemes has boosted investor confidence, along with privatisation and globalisation measures including bank mergers, foreign trade agreements, FDI expansion, and the internationalisation of UPI.
On the social empowerment front, major social reforms like over 100 million LPG connections under the Ujjwala Yojana, more than 120 million toilets built under the Swachh Bharat Mission, and massive financial inclusion through Jan Dhan Yojana have transformed everyday lives. India is poised to emerge as a Rs. 4,39,70,000 crore (US$ 5 trillion) economy over the next few years, propelled by robust service exports, a young and expanding workforce, and increasing participation in capital markets. The NSE projects India’s real GDP growth at 6.3-6.8%, with nominal growth estimated at around 12%. At this pace, India is set to become the world’s third-largest economy by 2027, overtaking Japan and Germany. The exchange outlines a multi-pronged growth strategy focused on expanding private investment, strengthening MSMEs, bridging the education-employment gap, and promoting green financing and agriculture-led growth.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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