India’s Services Exports Hit Record USD 421.3 Billion in FY26
India’s services exports rose to USD 421.3 billion in FY 2025-26, up from USD 387.5 billion in FY 2024-25, driven mainly by telecommunications, computer and information services, and business services, according to data released by the Ministry of Commerce and Industry. Services exports have increased steadily over the past five years, rising from USD 254.5 […]
India’s services exports rose to USD 421.3 billion in FY 2025-26, up from USD 387.5 billion in FY 2024-25, driven mainly by telecommunications, computer and information services, and business services, according to data released by the Ministry of Commerce and Industry.
Services exports have increased steadily over the past five years, rising from USD 254.5 billion in FY 2021-22 to USD 325.3 billion in FY 2022-23, USD 341.1 billion in FY 2023-24, USD 387.5 billion in FY 2024-25, and USD 421.3 billion in FY 2025-26, based on RBI data.
The largest contributor was telecommunications, computer and information services, which generated USD 206.6 billion in exports during FY 2025-26 and accounted for 49.03% of total services exports. Business services contributed USD 124.2 billion, representing 29.5% of total services exports.
The government said it is following a multi-pronged strategy to boost services exports through targeted market and sector initiatives, addressing domestic challenges in consultation with stakeholders, expanding access through Free Trade Agreements (FTAs), and promoting trade through schemes, international fairs and exhibitions.
According to the ministry, India’s recent FTAs provide comprehensive market access and national treatment for Indian service providers across cross-border digital services, commercial presence and temporary movement of professionals. The agreements also include provisions aimed at making authorisation procedures time-bound, predictable, objective, impartial and transparent, while enabling structured and expedited mobility for skilled Indian professionals.
The government said recent FTAs also include provisions for Mutual Recognition Agreements (MRAs) to facilitate recognition of professional qualifications and licensing requirements. It added that India has secured a supportive framework for students in FTAs with Australia and New Zealand, while Social Security Agreement provisions have been included in agreements such as India-Oman CEPA, the India-New Zealand FTA side letter, the India-UK CETA Double Contribution Convention and the India-EU FTA. Based on the India-UK CETA, an agreement on Social Security Contributions was signed on February 10, 2026.
The ministry also highlighted dedicated provisions for traditional medicine in agreements with Oman and the European Union, along with double taxation provisions negotiated under the India-Australia ECTA to eliminate double taxation on India’s IT services. The Services Export Promotion Council (SEPC) continues to support services trade through market development, trade facilitation, policy advocacy, buyer-seller engagement, international outreach and export promotion activities with government assistance.
The information was provided by Minister of State for Ministry of Commerce and Industry Jitin Prasada in a written reply in the Rajya Sabha on July 24, 2026.
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