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Shifting composition
Business Standard
|June 22, 2026
Dependence on services exports is increasing
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India's exports in 2025-26 touched a record $860 billion, nearly double the level of $468 billion notched up in 2014-15.
But the real story lies beneath the headline numbers. Services exports surged from $158 billion to $418 billion over the period, growing much faster than merchandise exports, which rose from $310 billion to $442 billion. Services now account for 48.6 per cent of India's exports and, if current trends persist, could overtake goods exports this year. This will make India an outlier among major economies. East Asia's growth miracle was built on factories; India's story is increasingly being built on knowledge-intensive services.
This story is from the June 22, 2026 edition of Business Standard.
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