India could overtake China in service sector, India ahead in telecom-computer-IT services exports

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New delhi date. 12 July 2020, Sunday

India can overtake China in the service sector exports. The main reason for this is that the export gap between the service sectors of the two countries is less while the export gap between the two countries is much wider in terms of export of goods. In terms of telecom, computer and IT related to the service sector, India's exports to the world market are higher than China's.

Statistically, China's service sector exports in 2018 were worth 3 233 billion. At that time, India's total exports to the service sector stood at 205 billion. This means that India's service sector exports account for about 90 per cent of China's exports. India leads China in exports of telecom, computer and IT services. However, China is fast approaching India in these areas.

In 2018, India exported 58 58 billion to the telecom, computer and IT sectors, while China exported about 49 49 billion to these sectors at that time. In 2017, India exported 54 54 billion to the telecom, computer and IT sectors, compared to China's 30 30 billion.

According to experts, the government should formulate a special policy like manufacturing to promote exports of India's service sector. If this is not done, the gap between China and India in service sector exports in the next 10 years could be similar to that of goods exports. China exports 2, 2,500 billion worth of goods annually while India's exports are worth 0 310 billion, which is less than 15 per cent of China's exports.

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