Software services exports are experiencing their longest slump in seven years, which could blow the current account deficit to the widest since 2013 and pressure the rupee. They are also crucial dollar-earners, with services exports helping offset a goods-trade deficit. Executive search firm Head Hunters India estimates that 175,000 to 200,000 technology jobs will be lost in the country each year through 2020, and newspapers are rife with reports of mass layoffs in the sector. "Services exports have remained stagnant since early 2017," said Dhananjay Sinha, an economist at Emkay. "We maintain that India’s current account deficit will widen."

Source: Economic Times August 18, 2017 11:37 UTC