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Economic Survey: Services surplus cushions trade gap as software, AI talent power GCC boom
India's services trade surplus surged to $188.8 billion, offsetting two-thirds of the merchandise trade deficit and highlighting the scale of its software-led services economy.
Merchandise trade deficit refers to the gap that arises when a country's imports of physical goods exceed its exports of goods during a given period.
In FY25, services exports reached an all-time high of $387.5 billion, registering a robust 13.6 % year-on-year (YoY). At the same time, services imports registered a growth of 11.4% (YoY) and amounted to $198.7 billion.
Software, business process management (BPM), consulting, and fintech exports have played a critical role in cushioning the impact of high imports.
Software services continue to anchor overall services exports, retaining its long-standing position as the largest contributor to the sector. On the other hand, business services exports have accelerated in recent years, reflecting a structural shift toward higher-value work, including analytics, product engineering, and artificial intelligence (AI) deployment, among others.
The RBI's survey on computer software and information technology-enabled services (ITeS) shows that software services exports have increased by 7.3% year-on-year (YoY) in FY25, following an increase of 2.3% YoY in FY24. In FY25, computer services exports accounted for over two-thirds of India's total software service exports, it added.
Furthermore, while the US remains the largest destination for software exports from India, its share has decreased from 54.1% to 52.9% between FY24 and FY25. At the same time, Europe's share has increased from 30.8% to 32.8% during the same period.
This shift follows the country's rapid emergence as a global hub for global capability centres (GCCs). From FY20 to FY25, GCCs expanded at a 7% compound annual growth rate (CAGR), turning the nation into a preferred base for multinational firms, the Survey said.
Additionally, talent has been a crucial contributor to the services sector's growth.
According to Stanford's External Sector AI Index Report 2025, the country ranks second globally in AI skill penetration, with a score of 2.5, narrowly trailing the United States at 2.6. Skills including data science, machine learning (ML), and applied AI have supported the GCC ecosystem.
Also Read: India's AI edge lies in applications, not building mega models: Economic Survey
The Survey highlighted the Centre's initiatives to boost trade partnerships globally. A recent trade deal with the European Union has been described as a “robust and potentially transformational partnership” by Union minister of commerce and industry Piyush Goyal, highlighting that this agreement opens the doors to an economy that imports nearly $7 trillion worth of goods and nearly $3 trillion worth of services.
Also Read: Only 2% of Indian startups working on AI training data vs 40% in the US: Economic Survey
Source: EconomicTimes
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