‘Services sector may outpace merchandise exports by 2030’

New Delhi: India is set for a major change in its export trends, with outbound shipments of the services sectors expected to overtake merchandise exports by 2030 and touch $618 billion, think tank GTRI said on Wednesday. Between 2018-19 and 2023-24, the country's merchandise exports grew at a compound annual growth rate (CAGR) of 5.8 per cent, while services exports surged ahead at a robust CAGR of 10.5 per cent. "At this rate, by FY2030, services exports are expected to reach $618.21 billion, edging past merchandise exports, which are projected at $613.04 billion," GTRI said.