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“Source:Business-Standard”

India’s services exports rose by 6.6 per cent to $17.94 billion in March, according to the data released by the Reserve Bank Wednesday.

Services imports in March too grew by 10.55 per cent to $11.37 billion.

The trade balance in services for the month under review is estimated at $6.58 billion.

The data comes with a lag of 45 days. It is also provisional and undergoes revision when the Balance of Payments (BoP) data is released on a quarterly basis.

The services sector accounts for over 55 per cent in the country’s GDP and the government is taking steps to promote the growth of exports.

The government last year approved a Rs 5,000 crore package to promote 12 champion services sectors such as IT, tourism and hospitality.