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.
Read more: Sacked Google employees counter Sundar Pichai: ‘He can say he doesn’t want…’
“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.
Unlock exclusive access to the latest news on India’s general elections, only on the HT App. Download Now! Download Now!
Read more: Adani Ports Q4 net profit rises 76% to ₹2,040 crore, declares ₹6 dividend
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.
“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.
Read more: Mahindra & Mahindra share price hits new 52-week high as April sales surge
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.
Discover the pivotal moments that shaped India’s electoral journey on the Eras section of our exclusive Elections product. Access all content absolutely free on the HT App. Download now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
- ABOUT THE AUTHOR
Follow the latest breaking news and developments from India and around the world with Hindustan Times’ newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we’ve got you covered.
