Despite global economic uncertainties, India s services exports surged by 11.4% to $345 billion in 2023, outpacing China, whose shipments from the sector shrank by 10.1% to $381 billion, as per a UNCTAD report. Key sectors driving India s growth include travel, transport, medical, and hospitality services. The world s services exports, exceeding $7.9 trillion in 2023 with an 8.9% annual increase in current dollar value terms, were led by developing economies like India, China, Singapore, Turkiye, Thailand, Mexico, and Saudi Arabia. However, India s services imports dipped marginally by 0.4% to $248 billion last year.
FDI flows to India slip 26% in 2021: UN report : Rashtra News #FDI #flows #India #slip #report Foreign Direct Investment (FDI) flows to India in 2021 were 26 per cent lower, mainly because large M&A deals recorded in 2020 were not repeated, the UN trade body has said. The UN Conference on Trade and
India s trade dependence on China and the European Union increased by 1.2 per cent in 2023, despite government efforts to reduce reliance on Chinese imports through schemes like the Production-Linked Incentive (PLI) and Quality Control Orders (QCOs).
This comes in the backdrop of major supply chain reset following the pandemic and the Russia-Ukraine war that had sent food and fuel prices to record highs.
Vietnam remained an exception in attracting foreign direct investment (FDI) on the global and regional scale last year. The Southeast Asian economy was expected to attract a large amount of FDI this year, said economists and analysts.