May 02, 2024 02:05 PM IST
The current account deficit could also improve to average around 0.6% of GDP over the medium term, Goldman Sachs said.
India’s services exports are likely climb to $900 billion- about 12.4 percent of its GDP, by 2030- Goldman Sachs said in what it called a “favourable scenario” of the economy. This will be driven by the emergence of Global Capability Centres (GCCs) while the current account deficit could also improve to average around 0.6% of GDP over the medium term, it said.
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“India has been gaining share in professional consulting globally, which is relatively less concentrated than other sectors, and India has scope of gaining further share with the rise of GCCs,” Goldman Sachs said in a report.
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India’s global services export pie soared from less than 2 per cent in 2005 to 4.6 per cent in 2023. Share of goods exports increased from 1 per cent in 2005 to 1.8 per cent in 2023, it noted. India experienced one of the swiftest growth rates worldwide during this period, trailing only Singapore and Ireland, it added.Â
“India has been gaining share in professional consulting globally, which is relatively less concentrated than other sectors, and India has scope of gaining further share with the rise of Global Capability Centres (GCCs),” it noted.Â
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Goldman Sachs also said that the proportion of professional consulting exports has surged by about 11 percentage points to 18.3 per cent in 2023 owing to the proliferation of GCCs in India.
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