Services exports fall 4.5% to $13.01 bn in Apr
Services exports fell by 4.5 <g data-gr-id="24">per cent</g> to $13.01 billion in April 2015 as compared to the same month last year. The services export during April 2014 stood at $13.63 billion, according to the RBI data released on Monday.
Import of services during April 2015 also fell by 9.1 <g data-gr-id="15">per cent</g> to $7.32 billion, against $8.06 billion in the same month a year ago.
Services export in 2014-15 fiscal stood at $167.01 billion, down 4 <g data-gr-id="18">per cent</g> from the year-ago period while imports were at $88.19 billion, up 3.8 <g data-gr-id="19">per cent</g> from 2013-14 fiscal. The services sector contributes about 60 per cent to country's gross domestic product.
Earlier reports said that to spur India’s services exports, the government willingness to expand the scope of the existing tax incentive scheme to make it more usable and effective. The government aims to give a push to services exports from sectors like entertainment, logistics, architecture, accounting and health care.
India’s exports were facing headwinds due to falling demand in traditional markets and <g data-gr-id="20">sharp</g> appreciation of rupee against currencies such as the euro and yen.