India's services exports up 9% at $12.28 bn in Feb
Mumbai: India's services exports rose by 9.5 percent to USD 12.28 billion, according to the Reserve Bank (RBI) data released Monday.
In February 2012, the services exports by Indian companies stood at USD 11.22 billion. However, the exports in February were down from a month ago at USD 13.89 billion in January 2013.
"The services exports are not on expected lines. We require double digit growth in services exports. In the present scenario, there is a contraction in global demand in merchandise trade," Director General and CEO of Federation of Indian Export Organisations (FIEO), Ajay Sahai said.
Import of services (payments) in February 2013 stood at USD 6.35 billion versus USD 6.75 billion a year earlier. In January 2013, the services import stood at USD 7.52 billion.
The services sector contributes more than 50 percent to the country's gross domestic product.
During April-February period of 2012-13, the cumulative services receipt or exports have amounted to USD 121.18 billion.
Imports of services were valued at USD 73.68 billion during the 11 months period in 2012-13.
Sahai said the Federation is expecting better exports data in services and sees USD 160 billion services receipt in the full year 2012-13.
RBI releases the provisional aggregate monthly data on India's international trade in services with a lag of 45 days.
The monthly data on services are provisional and generally undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis.