India poised to achieve Services export target of USD 1 trillion by 2030: Piyush Goyal

Terming the ‘Services’ sector as the key driver of India’s economic growth, Union Minister Piyush Goyal on Tuesday said that India is poised to achieve the Services Export target of USD 1 trillion by 2030.

Goyal while speaking at the ‘ Export PromServicesotion Council- Global Services Conclave 2021’ at the national capital said, “Services sector provides employment to nearly 2.6 crore people and contributes approximately 40 per cent to India’s total global exports. 

The services trade surplus was USD 89 billion in FY 2020-21 and it has been the largest FDI recipient.”Emphasizing that the Service sector is our competitive advantage, powered by Skills, startups and IT Solutions, the Minister said that India’s services have the twin power of universal acceptance and universal attraction, according to a release by the Ministry of Commerce & Industry.

Lauding India’s commitment to enabling ‘work from Home’ during the pandemic, Goyal said “While services trade remained depressed in other countries, India’s services sector showed immense resilience. Sectors like tourism and hospitality, which suffered due to COVID-19 is showing revival signs” he said.

The Union Minister also highlighted the central government’s initiatives Aatmanirbhar Bharat Package, collateral-free Automatic Loans for Businesses and MSMEs and initiatives in Skill development and said, “Rs 56,027 crore was released under various Export Promotion schemes.”

The theme of the Global Services Conclave 2021 was ‘India Serves: Exploring Potential Growth Sectors Beyond IT/ITes’.

Latest Business News