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India records 17 pc jump to become 4th largest exporter of digital services: WTO report

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India records 17 pc jump to become 4th largest exporter of digital services: WTO report

New Delhi, April 11 (IANS) India registered a 17 per cent jump in the export of digitally delivered services to a staggering $257 billion to become the world’s fourth-largest exporter in the segment, according to the latest Global Trade Outlook and Statistics report of the World Trade Organisation (WTO).

India’s growth rate was much higher than the 4 per cent increase posted by China and Germany.

According to WTO estimates, global exports of digitally delivered services rose to $4.25 trillion in 2023, up 9 per cent year-on-year, accounting for 13.8 per cent of world exports of goods and services.

Unlike trade in goods, which fell in 2023 globally and in all regions, exports of digitally delivered services continued to thrive. In Europe and Asia (which hold a global share of 52.4 per cent and 23.8 per cent, respectively) exports rose by 11 per cent and 9 per cent, the report said.

In 2023, business, professional, and technical services accounted for 41.2 per cent of world exports of digitally delivered services, followed by computer services (20.5 per cent), financial services (16 per cent), intellectual property-related services (10.9 per cent), insurance and pension services (5.2 per cent), telecommunications services (2.6 per cent), audio-visual and other personal, cultural, and recreational services (2.1 per cent), and information services (1.5 per cent).

ALSO READ:  TN grape farmers in crisis as sweltering heat will lead to over 80 pc fall in yield

“Use of artificial intelligence (AI), including models capable of creating content, such as text, images, music or even videos, increased rapidly in 2023. These technologies are set to revolutionise various aspects of the economy, leading to increased efficiency, innovation, cost savings, personalisation opportunities, creation of new jobs, and economic growth, further boosting trade in digitally delivered services,” according to the report.

Overall, WTO expects the volume of world merchandise trade to increase by 2.6 per cent in 2024 and 3.3 per cent in 2025 after falling 1.2 per cent in 2023 but cautioned that regional conflicts, geopolitical tensions and economic policy uncertainty pose substantial downside risks to the forecast.

–IANS

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Textile centre will be set up in Jabalpur: MP CM

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Textile centre will be set up in Jabalpur: MP CM

Textile centre will be set up in Jabalpur: MP CM

Bhopal, July 20 (IANS) Madhya Pradesh Chief Minister Mohan Yadav said on Saturday that the modern textile centre would be set up in Jabalpur which will provide jobs for women.

“A mega unit of the modern textile centre will be set up in Jabalpur soon. This development will not only make Jabalpur a new textile hub in the state but would also provide employment to the women,” the Chief Minister said while addressing the inaugural session of the Regional Industrial Conclave in Jabalpur.

Several business houses and industrialists from across the country also participated in the conclave.

The Chief Minister said that many medical and other educational colleges have been constructed in the past few years in Madhya Pradesh.

“We have more than 275 units in the pharma sector and products are being exported in more than 160 countries,” the Chief Minister said.

He added that there are as many as 16 industrial parks and 517 MSME units in Mahakoshal (Jabalpur) which is providing employment to about 20,000 people.

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–IANS

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India's rich history, vibrant culture highlighted at Korea international fair

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India's rich history, vibrant culture highlighted at Korea international fair

India's rich history, vibrant culture highlighted at Korea international fair

Ilsan, July 20 (IANS) India’s rich history and vibrant culture grabbed the spotlight as the ninth Korea International Tourism Fair kicked off at Ilsan in northwest of Seoul.

The Embassy of India in Seoul and the UP government are jointly participating in the fair held at the Korean International Exhibition Centre.

India’s Ambassador to the country, Amit Kumar, joined the opening ceremony alongside Chang-su Jeong (Chairman of the Organisation Committee), Dong Hwan Lee (Mayor of Goyang Special City), Oh Who Seock (Vice Governor of Gyeonggi Province) and Min-hyeon Kyeong (President of Kangwon Domin Ilbo & the Korea Local Newspapers Association).

The UP Tourism booth was jointly inaugurated by all the dignitaries as the Indian Ambassador spoke of India’s rich history and vibrant culture.

In his remarks, he also highlighted India’s natural beauty and wildlife, along with the country’s incredible diversity of languages, cuisines, clothing, architecture and faiths.

“It is often said that whatever a tourist is looking for, can be found in India,” said Kumar.

ALSO READ:  TN grape farmers in crisis as sweltering heat will lead to over 80 pc fall in yield

The visitors to the fair were also given deep insights into Uttar Pradesh by the state tourism body.

“The state represents the microcosm of the rich heritage that India has to offer. There are 42 UNESCO World Heritage Sites in India, including six in Uttar Pradesh. The state also has a rich heritage of Buddhism, comprising six cities where Lord Buddha once lived and preached,” said Ambassador Kumar.

Korea International Tourism Fair is a tourism exhibition aimed at fostering the growth of the tourism industry by expanding the market through collaboration between domestic and international tourism. It also seeks to boost local tourism by promoting the internationalisation of domestic cities.

Several countries from around the world participated in the event.

–IANS

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Yes Bank clocks 47 per cent jump in q1 net profit at Rs 502 crore

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Yes Bank clocks 47 per cent jump in q1 net profit at Rs 502 crore

Yes Bank clocks 47 per cent jump in q1 net profit at Rs 502 crore

New Delhi, July 20 (IANS) Private sector lender Yes Bank on Saturday reported a standalone net profit of Rs 502 crore for the April-June quarter of 2024-25 which represents a 47 per cent jump over the corresponding figure of Rs 342.5 crore for the same period of the previous year.

The interest earned by the bank during the quarter rose 19.8 per cent to Rs 7,719 crore from Rs 6,443 crore in the same period last year.

The asset quality of the bank also improved during the first quarter with the gross non-performing assets (NPA) of the bank coming down to 1.7 per cent of total loans as of June 30, as compared to 2 per cent in the year-ago period.

Similarly, the quarterly net NPA ratio declined to 0.5 per cent as of June 30, compared to 0.6 per cent sequentially, and 1 per cent year-on-year.

–IANS

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HDFC Bank posts 35% rise in net profit at Rs 16,175 crore for April-June quarter

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HDFC Bank posts 35% rise in net profit at Rs 16,175 crore for April-June quarter

HDFC Bank posts 35% rise in net profit at Rs 16,175 crore for April-June quarter

New Delhi, July 20 (IANS) HDFC Bank on Saturday reported a 35 per cent increase in net profit to Rs 16,175 crore for the April-June quarter of the current financial year from Rs 11,952 crore in the same period of 2023-24.

However, the net profit was lower by 2 per cent sequentially compared to Rs 16,512 crore reported in Q4 FY24.

On a consolidated basis, the private sector bank posted Q1 profit at Rs 16,474.85 crore.

The interest income of HDFC Bank jumped by 50.3 per cent to Rs 73,033.14 crore during the quarter from Rs 48,586.81 crore in the same quarter of 2023-24.

The Bank posted Net Interest Income (NII) at Rs 29,837.1 crore during the quarter.

However, the gross non-performing assets (NPA) ratio of the bank increased to 1.33 per cent of total loans as of June 30, as compared to 1.24 per cent in the previous quarter and 1.17 per cent in the year-ago period, reflecting a decline in asset quality.

ALSO READ:  TN grape farmers in crisis as sweltering heat will lead to over 80 pc fall in yield

Similarly, the net NPA ratio rose to 0.39 per cent as of June 30, as compared to 0.33 per cent as of March 31, and 0.30 per cent as of June 30, 2023.

–IANS

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Economic Survey to be tabled in Parliament on July 22

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Economic Survey to be tabled in Parliament on July 22

Economic Survey to be tabled in Parliament on July 22

New Delhi, July 20 (IANS) Finance Minister Nirmala Sitharaman will table the Economic Survey in Parliament on July 22, a day ahead of the Union Budget, which will be a report card on the economy and also the growth outlook ahead.

The survey gives a detailed account of the state of the economy, prospects and policy challenges. It is prepared by a team led by chief economic adviser V Anantha Nageswaran.

The Economic Survey provides statistical information and analysis on various sectors of the economy as well as data on employment, GDP growth, inflation, and the budget deficit.

India has retained its tag as the fastest-growing economy, and the economic survey will be presented at a time when the IMF has just raised its economic growth forecast for the country for FY25 to 7 per cent from 6.8 per cent projected in April.

“The forecast for growth in India has also been revised upward, to 7 per cent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas,” the IMF said.

ALSO READ:  TN grape farmers in crisis as sweltering heat will lead to over 80 pc fall in yield

In June, the Reserve Bank of India revised the growth forecast to 7.2 from 7 per cent.

The RBI sees India moving ahead towards an 8 per cent GDP growth trajectory on a sustained basis, driven by structural economic reforms such as GST.

“If you look at the average growth India recorded over the three years, the average comes to 8.3 per cent and the current year we have given a projection of 7.2 per cent growth,” RBI Governor Shaktikanta Das said.

He also said the Indian economy in the last financial year 2023-24 contributed to 18.5 per cent of the global growth which is a major achievement as it was much lower 7 or 8 years ago. The IMF has projected that this growth will go up, he added.

–IANS

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