India is emerging as a global hub for services exports, surpassing goods exports in growth. National Stock Exchange (NSE) officials reported that India's services exports grew at a compound annual growth rate (CAGR) of 14.8% over the past three decades, while goods exports rose at 9.8%. NSE chief economist Tirthankar Patnaik stated that India is becoming to services what China has been to manufacturing.
With a 4.3% share in global services exports, India ranks seventh worldwide. Telecom, IT, and business services drive most of this growth, contributing nearly three-fourths of total service exports. Technology exports alone crossed 200 billion dollars in FY25, reflecting strong global demand.
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Global Capability Centres Expand Rapidly
India has become the largest hub for Global Capability Centres (GCCs). Their number increased from 1,430 in FY19 to 1,700 in FY24 and is projected to reach 2,200 by FY30. These centres employ up to 26 lakh professionals. The GCC market size is expected to grow from 40 billion dollars in FY19 to 100 billion dollars by FY30.
Structural reforms have fueled this expansion. Measures such as the Goods and Services Tax (GST), Insolvency and Bankruptcy Code, Real Estate Regulation Act (RERA), and corporate tax cuts have improved business conditions. Faceless assessments, simplified labour laws, and performance-linked incentives have strengthened investor confidence.
Social and Economic Reforms Transform India
Privatisation, foreign trade agreements, bank mergers, FDI expansion, and UPI internationalisation have bolstered India's economy. Social reforms have improved daily life for millions. More than 100 million LPG connections were distributed under Ujjwala Yojana, over 120 million toilets were built under Swachh Bharat Mission, and financial inclusion was expanded via Jan Dhan Yojana.
The NSE projects India's GDP growth at 6.3–6.8% with nominal growth around 12%. At this rate, India is expected to become the world's third-largest economy by 2027, surpassing Japan and Germany.
Strategy for Future Growth
India's growth strategy focuses on boosting private investment, supporting MSMEs, bridging the education–employment gap, and promoting green financing. Agriculture-led development and technology-driven business services remain key drivers. According to NSE officials, these steps will ensure India continues its transformation into a services-driven global powerhouse.
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