India’s services exports surged by 22.3% in October 2024, reaching a record USD 34.3 billion, as per data released by Reserve Bank of India (RBI). This marks second straight month of growth, building on September’s rise to USD 32.57 billion. surge reflects India’s growing dominance in global services, particularly IT and financial services.
Imports also increased significantly, rising by 27.9% to USD 17.21 billion, marking a recovery after a dip in August. data highlights sustained momentum in India’s external trade in services.
Meanwhile, India’s GDP growth slowed to a nearly two-year low of 5.4% in July-September quarter, driven by weaker manufacturing and mining output. However, agriculture sector provided relief with a 3.5% growth in Gross Value Added (GVA).
Key Data Highlights
| Category | Details |
| Services Export (October) | USD 34.3 billion (+22.3%) |
| Services Import (October) | USD 17.21 billion (+27.9%) |
| GDP Growth (Q2 FY25) | 5.4% |
| Agriculture GVA Growth | 3.5% |
| Manufacturing GVA Growth | 2.2% |
| Mining GVA Growth | 0.01% |
Disclaimer
This article is based on publicly available data from Reserve Bank of India and other credible sources. information is for informational purposes only. Readers are encouraged to refer to official sources for detailed insights.
