Goyal wants more GCCs in India
India’s MSMEs in IT sector are set to play a key role in achieving ambitious US$450 billion export target for services, Commerce and Industry Minister Piyush Goyal said at the Global Confluence 2025 organized by Nasscom in New Delhi on 20 Mar.
Recognizing the rapid growth of MSMEs in IT, tourism, business accounting, and financial services, Goyal emphasized the sector’s key role in driving services exports and creating jobs, expressing confidence that the IT sector can achieve an ambitious US$450 billion services export target in the next financial year https://fieo.org/.
He underscored the critical role of the IT and IT-enabled services (ITES) sector in India’s economic growth, pointing out that the services sector exports reached approximately US$340 billion last year, with IT and ITES contributing nearly US$200 billion https://www.commerce.gov.in/.
“This year, services exports are expected to reach between US$380 billion and US$385 billion, further solidifying India’s global presence,” added the Minister https://digitalinasia.com/.
Goyal highlighted the importance of innovation and adaptability in maintaining India’s competitive edge. He praised Nasscom for fostering a culture of continuous learning, stating that the IT sector has consistently remained ahead of the curve by embracing new technologies such as quantum computing, artificial intelligence, and machine learning.
He also stressed the need to attract Global Capability Centres (GCCs) to India, leveraging the country’s vast talent pool. Encouraging businesses to operate from India rather than relocating talent abroad, he said this would enhance foreign exchange earnings and fuel domestic economic growth.
Discussing India’s expanding middle class and rising consumption levels, Goyal outlined the cascading benefits of IT-led growth, including increased demand for commercial real estate, housing, and infrastructure. He called it a “virtuous cycle of growth” where a thriving services sector strengthens the overall economy https://www.meity.gov.in/.
Nasscom, he noted, plays an omnipresent role across industries and must continue reskilling and retraining IT professionals to remain relevant in today’s fast-evolving landscape. He reiterated the government’s commitment to expanding global partnerships through Free Trade Agreements (FTAs) and bilateral engagements, emphasizing that numerous global markets are eager for India’s arrival.
The Minister concluded by reaffirming confidence in India’s IT sector and MSMEs as key drivers of the country’s economic transformation in the Amrit Kaal, working collectively towards a developed and prosperous Viksit Bharat. Fiinews.com
