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IT services are India's single biggest export and a key source of foreign exchange. But there has been a sharp decline in the IT industry’s ability to fund merchandise trade deficit and current account deficit. Meanwhile, the IT ministry has asked Chinese device makers to push exports from India and also bolster their supply chain in the country to increase value additions. Read more on these in our top headlines.
India sees sharp decline in IT sector's ability to fund trade deficit
IT services are India's single biggest export and a key source of foreign exchange. But there has been a sharp decline in the IT industry’s ability to fund India’s fast-growing merchandise trade deficit and current account deficit. The net export of IT services funded just 30 per cent of India's merchandise trade deficit in July, down sharply from 68 per cent in the year-ago period. Read more
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