India's service exports rises 3.4% in FY17: RBI

Key highlights:

• India's service exports rise by 3.4% to $160.68 billion in FY17
• Payments for services imported by India also increased to $95.47 billion
• Services sector contributes to about 55% in India's GDP

India's services export grew 3.4% to $160.68 billion last fiscal, Reserve Bank of India (RBI) data showed.

The receipts from services export were $155.41 billion in the preceding fiscal 2015-16.

Also, payments for services imported by India also increased to $95.47 billion for fiscal ended March 2017, up 11.4% from $85.72 billion a year ago.

For March 2017, the services export grew 10% to $14.18 billion from $12.90 billion in the corresponding month a year ago.

While payments done by India for services import in March 2017 increased to $8.27 billion, up 4.6% from a year ago.

India is one of the major economies contributing to world services export industry.

Services sector contributes to about 55% in India's gross domestic product.

The data for the latest month comes with a lag of 45 days.

The data published by RBI is provisional initially and undergoes revision when the Balance of Payments (BoP) data is released on a quarterly basis.