Services sector shows 23.69% growth in Rupee terms

The Special Economic Zones (SEZs) continue to take the lead in expanding the exports for the country. Even in the midst of volatile global economy, SEZs in India have shown resilience and have achieved 100-billion-dollar worth of exports in FY 2019-20,as on 17thFebruary 2020. It may be mentioned that SEZs achieved this land-mark of 100-billion-dollar worth of exports in 2018-19 in full financial year. A comparison of FY 2019-20 vs. 2018-19 upto February 17th is given below:

Exports in INR Terms (In Crores)

Export Segment FY 2019-20 (Upto Feb 17) FY 2018-19 (Upto Feb 17) Growth in Export Value (INR) Growth in Export Value (%)
Merchandise 2,97,557 2,86,553 11,004 3.84%
Services 4,04,264 3,26,825 77,439 23.69%
  7,01,821 6,13,378 88,443 14.42%

Exports in USD Terms (In Millions)

Export Segment FY 2019-20 (Upto Feb 17) FY 2018-19 (Upto Feb 17) Growth in Export Value (USD) Growth in Export Value (%)
Merchandise 42,702 41,471 1,231 2.97%
Services 57,891 47,217 10,674 22.61%
  1,00,593 88,688 11,906 13.42%

It is observed that while the services segment, constituting majorly of IT &ITeS services was driver of the export growth at 23.69 %.Therewas almost 4% growth in manufacturing segment also. This reflects overall expansion and interest in SEZs in the country.Numberof operational SEZs have grown to 241 as against 235 at the end of FY 2018-19.

Important sectors that saw healthy growth in this financial year include Gems & Jewelry (13.3%), Trading & Logistics (35%), Leather & Footwear (15%), Non-Conventional Energy (47%), Textiles & Garments (17.6%). Petrochemicals constitute a major segment of SEZ exports, howevergrowth was muted in this segment; which may be attributed to softening of global crude prices.

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