Business Across Borders 2021

13 The nationwide lockdown in India and closing of international borders consequent to the outbreak of COVID-19 pandemic significantly dampened India’s services exports during April-August 2020. Although full recovery not yet in sight, services exports have started showing some signs of improvement since September 2020 given the gradual revival in the global economic activity. Amongst services, substantial decline was reported by exports of travel, financial and construction services during April- September FY21. Exports of travel and construction services remained dampened, mainly because of the lockdowns, closing of international borders and social distancing norms. Nonetheless, growth in exports of computer and other business services did offset some decline in India’s services exports during April-September FY21. Export performance of various service segment during April-September FY21 % y-o-y change -73.5 Travel -20.3 Financial -12.8 Construction -4.9 Personal, cultural, recreational -3 Insurance & Pension -2.4 Transport 2.5 Other Business 3.5 Computer Source: RBI Dun & Bradstreet