Services Exports To Touch $ 450 Bn By 2026-27: Piyush Goyal

2025-03-22 02:07:22

(MENAFN- KNN India) New Delhi, Mar 22 (KNN) Union Minister of Commerce & Industry, Piyush Goyal, has emphasised the pivotal role of MSMEs in driving services exports and job creation across multiple sectors including IT, tourism, business accounting, and financial services.

Speaking at the Global Confluence 2025 organised by Nasscom in New Delhi, the minister expressed confidence in the IT sector's ability to achieve an ambitious USD 450 billion services export target in the next financial year.

Goyal underscored the critical importance of the IT and IT-enabled services (ITES) sector to India's economic growth trajectory.

He noted that services sector exports reached approximately USD 340 billion last year, with IT and ITES contributing nearly USD 200 billion.

The minister projected that services exports are expected to reach between USD 380 billion and USD 385 billion this year, further strengthening India's global position.

Innovation and adaptability remain essential for maintaining India's competitive advantage, according to Goyal.

He highlighted how the IT sector has consistently remained at the forefront of technological advancement by embracing emerging technologies such as quantum computing, artificial intelligence, and machine learning.

The minister stressed the strategic importance of attracting Global Capability Centers (GCCs) to India, leveraging the country's extensive talent pool.

He encouraged businesses to establish operations in India rather than relocating talent abroad, noting that this approach would enhance foreign exchange earnings and stimulate domestic economic growth.

In his address, Goyal also discussed the broader economic implications of IT-led growth, including India's expanding middle class and rising consumption levels.

He outlined how this growth creates cascading benefits across multiple sectors, including increased demand for commercial real estate, housing, and infrastructure.

The minister characterised this as a "virtuous cycle of growth" where a thriving services sector strengthens the entire economy.

(KNN Bureau)

MENAFN22032025000155011030ID1109344738

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.