India’s services exports in the first month of 2014-15 stood at $13.63 billion, marginally lower than $14.32 billion in March 2014, as per Reserve Bank's data on International Trade in Services. However, services imports in April 2014 also was lower at $ 8.06 billion, from its previous month, when it stood at $8.49 billion in March. For the previous fiscal, India's services exports stood at $167.01 billion while imports were at $88.19 billion.
The RBI releases the provisional aggregate monthly data on India's international trade in service sector, which contributes to country's gross domestic product, in span of 45 days.
Meanwhile, showing some signs of recovery and stabilization, the activity in Indian services sector, increased in the month of May on the back of rise in new orders. Witnessing first expansion in output in 11 months, the HSBC services Purchasing Managers’ Index (PMI), based on the survey of around 350 private service sector companies rose to 50.2 in May from 48.5 in the previous month, above 50 mark that separates growth from contraction.
However, the Indian services companies maintained their positive outlook for output growth over the next 12 months on the back of supportive factors such as end of the elections, planned increases in marketing budgets, the launch of new services and forecasts of stronger demand. The service sector activity is likely to surge in coming future supported by the strong election results.