IT-ITeS services drive growth
The Special Economic Zones (SEZs) continue to take the lead in expanding the exports for the country, achieving US$100 billion worth of exports in FY 2019-20.
The SEZs showed resilience in the midst of volatile global economy, said the Commerce and Industry Ministry on 18 Feb 2020.
A comparison of FY 2019-20 vs 2018-19 up to 17 February 2020:
Exports in million dollars
Merchandise: $42,702 $41,471 2.97%
Services: $57,891 $47,217 22.61%
Total: $100,593 $88,688 13.42%
While the services segment, constituting majorly of IT & ITeS services was driver of the export growth at 23.69%, there was almost 4% growth in manufacturing segment also.
This reflects overall expansion and interest in SEZs in the country. Number of operational SEZs have grown to 241 as against 235 at the end of FY 2018-19.
Important sectors that saw healthy growth in this financial year include Gems & Jewelry (13.3%), Trading & Logistics (35%), Leather & Footwear (15%), Non-Conventional Energy (47%), Textiles & Garments (17.6%).
However, growth was muted in petrochemicals constitute, which may be attributed to softening of global crude prices, said the Ministry. fiinews.com
