India has transformed to ‘Brain Office’ of the world
Commerce and Industry Minister Piyush Goyal says India is poised to achieve US$1 trillion target by 2030 for exporting services as global sentiments are changing from ‘Why India’ to ‘Why not India’.
Addressing the Services Export Promotion Council’s ‘Global Services Conclave 2021’ in New Delhi on 9 Nov 2021, he said that services are a key driver of India’s economic growth as the sector provides employment to nearly 2.6 crore people and contributes approximately 40% to the country’s total global exports.
The services sector had a trade surplus of US$89 billion in FY 2020-21, he pointed out.
Goyal emphasized, “the service sector is our competitive advantage, powered by Skills, Startups and IT Solutions, and the Indian services have the twin power of universal acceptance and universal attraction.”
Appreciating the spirit that led to rise through the tough times faced by the sector, Goyal underlined, “Tough times don’t last, but tough people do.”
The Minister highlighted that India became the 7th largest services exporter in the world in 2020, moving up the ladder by two positions. Services PMI rose to a decade high of 58.4 in October 2021.
Services, he added, are 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, “India’s services export largely comprise of IT/ITes”. But the Minister was quick to add, “We need to focus on other potential growth sectors.”
Goyal also assured that the Government was actively pursuing market access opportunities such as Free Trade Agreements and has released Rs.56,027 crore under various Export Promotion schemes.
The conclave theme was ‘India Serves: Exploring Potential Growth Sectors Beyond IT/ITes’. #exports #technology #investment /fiinews.com
