India's Share of Global Commercial Services Exports Doubles - Current Affairs

 India's share of global commercial services exports doubled to 4.4% in 2022 from 2% in 2005, according to a report by the World Bank and the World Trade Organization (WTO). The report, titled "Trade in Services for Development," also found that India's services sector is now the second-largest in the world, after the United States.

The report attributed India's strong performance in services exports to a number of factors, including the country's large and growing pool of skilled workers, its low-cost services, and its increasing integration into the global economy. The report also noted that India's services sector is becoming increasingly diversified, with exports now coming from a wide range of industries, including IT, business process outsourcing, healthcare, and tourism.

The report's findings are good news for India, as they suggest that the country's services sector is well-positioned to continue growing in the years to come. The report also noted that India's services sector has the potential to create millions of jobs and boost economic growth.

Here are some of the key findings of the report:

• Global commercial services exports almost tripled between 2005 and 2022, from $1.5 trillion to $4.4 trillion.
• Developing economies accounted for more than half of the growth in global commercial services exports, with India, China, and Hong Kong being the leading exporters.
• Digitally delivered services exports increased almost four-fold between 2005 and 2022, and now account for 54% of total global services exports.
• Jobs directly linked to cross-border services exports account for more than 10% of total services sector jobs in India, South Africa, and Türkiye.

The report's findings highlight the importance of the services sector for India's economic development. The report also suggests that India is well-positioned to continue growing its services exports in the years to come.