India poised to achieve Services Export target of $1 Trillion by 2030: Piyush Goyal
Minister of Commerce, Piyush Goyal said, India is poised to achieve services export target of $1 trillion by 2030
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New Delhi, November 10: Minister of Commerce and Industry, Consumer Affairs, Piyush Goyal, said that India is poised to achieve services export target of $1 trillion by 2030. He addressed the gathering at the “Services Export Promotion Council-Global Services Conclave 2021” in New Delhi.
“Sectors like tourism, hospitality, etc. which suffered due to COVID-19 is showing revival signs,” he added, adding that in 2020, India became the 7th largest services exporter in the world, moving up the ladder by 2 positions.
Observing that India has transformed from being the ‘Back office’ to the ‘Brain office’ of the world, Goyal said that today, India’s Services export largely comprise of IT / ITes and stressed that we need to focus on other potential growth sectors. He observed that students from US, Canada etc. prefer India for heritage, art and culture studies.
The Minister said that Services are a key driver of India’s economic growth. He said, services sector provides employment to nearly 2.6 crore people and contributes around 40% to India’s total global exports. He added that Services trade surplus was $89 bn in FY 2020-21 and it has been the largest FDI recipient.
The theme of the Global Services Conclave 2021 was ‘India Serves: Exploring Potential Growth Sectors Beyond IT/ITes’.
Emphasizing that Service sector is our competitive advantage, powered by Skills, Startups and IT Solutions, the Minister said that today, Indian services have twin power of universal acceptance and universal attraction. Lauding India's commitment to enable ‘Work from Home’ during the pandemic, Goyal said that, while services trade remained depressed in other countries, India’s services sector showed resilience.
“Sectors like tourism, hospitality, etc. which suffered due to COVID-19 is showing revival signs,” he added, adding that in 2020, India became the 7th largest services exporter in the world, moving up the ladder by 2 positions.
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Emphasizing that India had the potential to become the top services exporter in the world, Goyal said that Services is boosting India’s transition from an assembly economy to a knowledge-based economy.
Observing that India has transformed from being the ‘Back office’ to the ‘Brain office’ of the world, Goyal said that today, India’s Services export largely comprise of IT / ITes and stressed that we need to focus on other potential growth sectors. He observed that students from US, Canada etc. prefer India for heritage, art and culture studies.
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He said that the Government supported service sector through Aatmanirbhar Bharat Package, collateral-free Automatic Loans for Businesses, including MSMEs. Rs. 56,027 Crore was released under various Export Promotion schemes.
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