India’s service sector has showcased a robust growth in exports, surging by 10.8% to reach $28.03 billion in October, according to recent provisional data unveiled by the Reserve Bank of India (RBI).
In contrast, imports in the same sector experienced a marginal decline of 0.4%, resting at $13.46 billion during the same period. This information diverges slightly from the government’s previously released data last month, which indicated slightly higher numbers – services exports at $28.70 billion and imports at $14.32 billion for October.
The RBI’s provisional statistics, typically subject to updates, contribute to the nation’s comprehensive balance-of-payments data, released quarterly.
Additionally, the recent RBI Weekly Statistical Supplement detailed a surge in forex reserves, escalating by $5.08 billion to reach $595.397 billion by the week ending November 17. Foreign currency assets (FCAs) rose to $528.53 billion, inclusive of fluctuations in non-US units like the euro, pound, and yen.