A recent report by Goldman Sachs on global services highlights India’s rise in this segment. Global services exports accounted for 7 per cent of World GDP in 2023. India, China and the UAE are gaining global share of services from developed economies.
India’s share in global services increased from 2 per cent in 2005 to 4.6 per cent in 2023, while India’s share of goods exports increased from 1 per cent to 1.8 per cent in the period.
Global capability centres (GCCs) have led the growth in professional consulting while computer services remain the dominant subsector in services.