India is poised to achieve a services export target of $1 trillion by 2030, Minister of Commerce and Industry Piyush Goyal said today.
He was addressing a gathering at the ‘Services Export Promotion Council- Global Services Conclave 2021” in New Delhi.
The minister said that Services were a key driver of India’s economic growth. The services sector provided employment to nearly 2.6 crore people and contributed about 40 per cent to India’s total global exports.
He added that services trade surplus was $89 billion in 2020-21 and it has been the largest FDI recipient (53% of FDI inflows between 2000-2021).
Emphasising that the service sector was India’s competitive advantage, powered by Skills, Startups and IT Solutions, Goyal said that today, Indian services have the twin power of universal acceptance and universal attraction.
Lauding India’s commitment to enable ‘work from Home’ during the pandemic, he said that while services trade remained depressed in other countries, India’s services sector showed immense resilience. “Sectors like tourism, hospitality, etc. which suffered due to COVID-19, showing revival signs” he added.
Appreciating the spirit that led to rise through the tough times faced by the sector, Goyal said that tough times don’t last, tough people do. He expressed his admiration for the selfless service of all frontline workers during the COVID 19 pandemic.
The minister said that in 2020, India became the 7th largest services exporter in the world, moving up the ladder by two positions.
Observing that India has transformed from being the ‘Back office’ to the ‘Brain office’ of the world, Goyal said that Microsoft, Google etc. call India “A home away from home” as they have the biggest offices outside the US in India.