India's services exports grew by over 5% to USD 17.70 billion in October: RBI data

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India's services exports rose 5.25 per cent to USD 17.70 billion in October, while imports remained nearly flat at USD 10.86 billion, data from the Reserve Bank of India showed on Friday. The services exports or receipts were USD 16.82 billion in October 2018, while the imports or payments were worth USD 10.10 billion. In September, the exports of services were worth USD 17.54 billion and the imports were of the order of USD 11.10 billion, showed the RBI data on India's International Trade in Services.

India is one of the major economies contributing to the world services export industry. The services sector contributes to about 55 per cent in India's gross domestic product.

The data for the latest month comes with a lag of 45 days. The data published by the RBI is provisional and undergoes revision when the Balance of Payments data is released on a quarterly basis.

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