India's rising global services trade share could generate 3 million jobs, including 2 million high-income roles, within three years. Services trade is shifting from cost arbitrage to skill arbitrage, boosting premium consumption and commercial real estate growth. Software and business services exports grew at a 17.7% CAGR over FY20-23, driven by a 20.5% CAGR in business services, outpacing IT software's 16.4% CAGR.
Axis Capital Research predicts an 11% CAGR in software and business services exports over FY23-26, despite global recession concerns. As global firms expand in India, more companies are setting up here for talent and innovation, impacting GCC growth and driving diverse business functions beyond software services.