The services sector which contributes about 60 percent to country's gross domestic product, has witnessed a decline of 4.5 percent in its export to $ 13.01 billion in April 2015 as compared to $13.63 billion during April 2014.
As per the RBI data, not only exports but the Import of services during April 2015 too fell to $7.32 billion, down by 9.1 percent against $8.06 billion in the same month a year ago.
Services export in 2014-15 fiscal stood at $167.01 billion, down 4 percent from the year-ago period while imports were at $88.19 billion, up 3.8 percent from 2013-14 fiscal.
The Ministry of Commerce and Industry, Government of India, with a view to give proper direction, guidance and encouragement to the Services Sector, has set up an exclusive Export Promotion Council for Services in the name of Services Export Promotion Council (SEPC).