India's services exports grew by over 5 per cent to USD 17.70 billion in October: RBI data #RBI #Sukumarbalakrishnan

According to the data from Reserve Bank of India (RBI), India's services exports increased by 5.25 per cent to US$ 17.70 billion in October, while imports stayed nearly flat at US$ 10.86 billion. In October 2018, the services exports or receipts stood at US$ 16.82 billion, whereas the imports or payments were worth US$ 10.10 billion.

The exports of services in September were worth US$ 17.54 billion and the imports were of the order of US$ 11.10 billion, as per the RBI data on India's International Trade in Services.

India is one of the main economies contributing to the world services export industry. The contribution of the services sector is about 55 per cent in India's gross domestic product.

The data for the latest month comes with a gap of 45 days. The data published by the RBI is provisional and undergoes revision when the Balance of Payments data is released on a quarterly basis.