During the first half of the current financial year i.e. April-September, service exports grew at a strong rate of 11%. During this period, the growth of merchandise exports has been only 0.1%. Service exports have reached 85% compared to merchandise exports. According to the Center for Monitoring in Indian Economy (CMIE), service exports increased to $182 billion in the first half of 2024-25 from $163.9 billion in the same period of 2023-24. Merchandise exports grew by 3% and service exports by 7.6% in dollar terms between 2011-12 and 2023-24.

Service exports have touched 10% of gross domestic product (GDP). Merchandise exports have gone up over 12%. Computer service exports (to a significant extent software service) and growth in the 'other business service' group have powered service exports' expansion in a big manner in recent years. Growth in both transport and tourism industries' exports have contributed towards expansion.

Software exports account for nearly half of total service exports. According to the annual survey of the Reserve Bank of India (RBI), the US has become the leading destination for software services exports in 2023-24. It contributes to more than half of India's software services exports.