India’s services exports have of late been catching up with merchandise export. In January this year, the two were almost equalled at over $32 billion each.
If the trend persists, this may give some credence to Reserve Bank of India (RBI) Governor Raghuram Rajan’s theory that the country should focus on the growth of services export and not mimic China to become a manufacturing giant – an attack on the government's production-linked incentive (PLI) scheme.
However, the question is: will this trend persist once external conditions normalise?
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