Economic Survey: Services surplus cushions trade gap as software, AI talent power GCC boom
India's economic landscape is increasingly shaped by its burgeoning services sector, particularly in software and artificial intelligence (AI). The country's services trade surplus reached a remarkable $188.8 billion, significantly offsetting its merchandise trade deficit. While the US remains the largest market for Indian software exports, its share has decreased, with Europe gaining ground. The growth of global capability centers (GCCs) in India, expanding at a 7% CAGR since FY20, highlights the nation's role as a hub for high-value services, including data science and AI. Furthermore, India ranks second globally in AI skill penetration, underscoring its potential in the tech-driven economy.
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