India fast emerging as global hub for services exports: NSE
MUMBAI: India is rapidly positioning itself as a global hub for services exports, growing at a compound annual rate of 14.8 per cent — significantly higher than the 9.8 per cent growth recorded in goods exports, according to officials from the National Stock Exchange (NSE).
Highlighting the strong performance of India’s services sector, NSE Chief Economist Tirthankar Patnaik said, “India will be to services what China has been to manufacturing. It is emerging as a global hub for services exports.”
Over the past three decades, India’s services exports have maintained a CAGR of 14.8 per cent, driven by sectors such as telecommunications, IT, and business services, which together account for nearly three-fourths of total service exports. With a 4.3 per cent share in global services trade, India now ranks seventh worldwide. Technology exports alone crossed USD 200 billion in FY25, the officials noted.
India has also become the world’s largest hub for Global Capability Centres (GCCs). Their number rose from 1,430 in FY19 to 1,700 in FY24 and is projected to reach 2,200 by FY30, employing around 2.6 million professionals. The GCC market is expected to grow from USD 40 billion in FY19 to USD 100 billion by FY30.
Officials attributed this rapid growth to key structural and economic reforms such as the Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC), Real Estate Regulation Act (RERA), and corporate tax cuts. Liberalisation through faceless assessments, simplified labour laws, and performance-linked incentive schemes has further bolstered investor confidence.
Privatisation efforts, bank mergers, foreign trade agreements, expansion of foreign direct investment (FDI), and the internationalisation of the Unified Payments Interface (UPI) have also strengthened India’s global economic footprint.
On the social front, the officials highlighted transformative initiatives including over 100 million LPG connections under the Ujjwala Yojana, 120 million toilets constructed under the Swachh Bharat Mission, and widespread financial inclusion through the Jan Dhan Yojana.
Backed by a young workforce, rising service exports, and growing capital market participation, India is on track to become a USD 5-trillion economy in the coming years. The NSE projects real GDP growth between 6.3 and 6.8 per cent, with nominal growth at around 12 per cent.
“At this trajectory, India is set to become the world’s third-largest economy by 2027, overtaking Japan and Germany,” the NSE data indicated.
The exchange also outlined a broad strategy to sustain growth through increased private investment, MSME development, education–employment alignment, green financing, and agriculture-led initiatives.
NSE’s analysis reaffirms India’s transformation into a services-driven global powerhouse, officials added.
