India’s services exports are on track to surpass manufacturing exports by the decade’s end,
according to Senthil Nathan S, Director at the Services Export Promotion Council (SEPC),
Ministry of Commerce and Industry. Speaking at the Global Services Export Conclave, he
highlighted the impressive growth of services exports, rising from $325 billion in 2022-23 to
an estimated $341 billion in 2023-24. This shift, he explained, is driven by advanced
technologies like AI, IoT, and 3D printing that are reshaping production and increasing global
competitiveness. Nathan emphasized that by investing in skill development, India can reduce
talent gaps and boost engineering efficiency, with collaboration among government, industry,
and academia building a pipeline of over 1.5 million engineers annually.
SEPC Director General Abhay Sinha noted that the engineering services sector alone has
grown from $31 billion to $35 billion in the past year, with projections to hit $100 billion by
2030 if current growth continues. He stressed the importance of focusing on engineering,
design, and R&D to capture emerging markets. Echoing this, Amit Sharma, SEPC’s Head of
Design & Engineering Services and Managing Director of Tata Consulting Engineers,
highlighted that engineering services grew 15% and consulting services surged 25%,
particularly in energy and supply chain resilience. He pointed to accomplishments like
Chandrayaan 3 as proof of India’s engineering prowess, adding that the country is
well-positioned to meet global demand and lead future innovation.
The conclave explored India’s unique value in global markets, discussing the opportunities
and challenges of international expansion, while SEPC, as an apex body, aims to drive India’s
service export growth forward.
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