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| India Ranks Fourth in Digitally Delivered Services: WTO Report |
According to recent findings from the World Trade Organization (WTO), India has ascended to the position of the fourth-largest exporter of digitally delivered services globally. The nation's stake in international trade in services has burgeoned to over a fifth. Notably, in the year 2023, India's exports of digitally delivered services reached an estimated $257 billion, marking a notable 17% surge from the preceding year.
This commendable growth has propelled India ahead of Germany in the rankings, although it still trails behind the United States, the United Kingdom, and Ireland. Digitally delivered services encompass a spectrum of professional services across education, gaming, and streaming of music and videos, which have experienced remarkable growth over the past two decades.
This sector now constitutes over one-fifth of global services trade, a notable rise from the 14% recorded in 2005. Despite the tumultuous impact of the COVID-19 pandemic on goods trade, exports of digitally delivered services have surged by 50%, surpassing pre-pandemic levels.
The report underscores the swift proliferation of artificial intelligence (AI) in content creation, spanning text, images, music, and videos, which is poised to further propel trade in digitally delivered services.
Anticipating an amelioration in the global economy and trade, the WTO forecasts a 2.6% upswing in goods trade volume for the year 2024.
About the World Trade Organization (WTO):
Established in 1995, the WTO serves as an international body overseeing and facilitating global trade among nations. It succeeded the General Agreement on Tariffs and Trade (GATT), offering a framework for negotiating trade pacts, resolving trade disputes, and ensuring adherence to agreed-upon trade regulations. With 164 member countries as of 2023, the WTO endeavors to foster economic growth and development through the promotion of free trade and reduction of trade barriers.
About Digitally Delivered Services:
Digitally delivered services encompass services rendered and consumed via digital platforms, including the internet and mobile applications. Spanning various sectors such as e-commerce, online banking, streaming, software as a service, online education, telemedicine, and digital marketing, these services offer accessibility, cost-effectiveness, scalability, and personalization. However, they are not without challenges, including concerns regarding data privacy, security, and the digital divide. As technology continues to advance, the significance and breadth of digitally delivered services are poised for continued expansion.