Msmes Crucial For Achieving USD 450 Bn Services Export Target: Goyal

(MENAFN- KNN India) New Delhi, Mar 21 (KNN) Union Minister of Commerce & Industry, Piyush Goyal, has emphasised the crucial role of Micro, Small, and Medium Enterprises (MSMEs) in India's Information Technology sector for achieving the country's ambitious USD 450 billion services export target.

Speaking at the Nasscom-organised Global Confluence 2025 in New Delhi on Thursday, Goyal highlighted that MSMEs across IT, tourism, business accounting, and financial services are driving both services exports and job creation, according to a Ministry of Commerce & Industry statement.

The minister expressed confidence in the IT sector's capability to help reach the USD 450 billion services export target in the upcoming financial year.

He underscored IT and IT-enabled services (ITES) as engines of India's economic growth, noting that services exports reached approximately USD 340 billion last year, with IT and ITES contributing nearly USD 200 billion.

For the current year, services exports are projected to increase to between USD 380 billion and USD 385 billion, further cementing India's global position.

Goyal commended the sector for its commitment to innovation and adaptability to emerging technologies, including quantum computing, artificial intelligence, and machine learning.

He praised Nasscom for fostering a culture of continuous learning and reskilling that maintains the industry's competitive edge.

The Minister called for India to attract more Global Capability Centres (GCCs), leveraging the nation's skilled workforce. He suggested that encouraging global companies to operate from India rather than sending talent overseas would boost foreign exchange earnings and domestic economic growth.

Goyal observed that India's expanding middle class and increasing consumption would drive demand for commercial real estate, housing, and infrastructure, creating what he termed a 'virtuous cycle of growth' where the thriving services sector strengthens the broader economy.

He reaffirmed the government's commitment to expanding global partnerships through Free Trade Agreements and bilateral engagements, noting strong international demand for India's offerings.

Goyal expressed optimism that India's IT sector and MSMEs would continue to play a transformative role in the country's economic development, contributing to a prosperous and developed 'Viksit Bharat' during the Amrit Kaal.

(KNN Bureau)

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