India’s net services sector export growth slowed to 14.46 per cent in the third quarter of the current fiscal, according to provisional Reserve Bank of India data.
This compares with a growth of 20.3 per cent in net services sector export growth achieved during the third-quarter of 2011-12 and 47.5 per cent growth achieved in 2010-11.
Net services sector export growth is the difference between the value of services exported and services imported.
Net services export growth is led by computer services export. Services sector contributes 55 per cent to India’s gross domestic product.
According to the provisional data on services sector export-import released by the Reserve Bank of India, India’s net services export for the October to December 2012 period was $17.17 billion.
In the corresponding period of 2011, the net services export was $15 billion and in the same period of 2010, the figure was $12.5 billion.
December growth
India’s services export picked up seven per cent in December, 2012 to $12.88 billion from $12.02 billion in November, according to the provisional data. The country’s services import also rose marginally to $6.76 billion in December from $6.61 billion in November.
Monthly data on services are provisional and would undergo revision when the balance of payments (BoP) data are released on a quarterly basis, RBI said in a statement.