India poised to achieve 'Services Export' target of $1 trillion by 2030: Commerce Minister

Union Minister of Commerce and Industry Piyush Goyal on Tuesday said that India is poised to achieve the Service Export mark of $1 trillion by 2030. He said that the services are a "key driver" to India's economic growth.

Discoursing at the 'Service Export Promotion Council- Global Service Conclave 2021' at New Delhi, Goyal said that the service sector provides employment to nearly 2.6 crore people and that it contributes to approximately 40% of India's total global exports.

"India, largest FDI recipient for 2020-21"

Goyal affirmed that the trade surplus of the service sector was $89 billion in the financial year 2020-2021 and that it has been the largest Foreign Direct Investment (FDI) recipient.

The Union Minister pointed to the Indian Service sector as a 'competitive advantage' and said that it is powered by skills, startups, and Information Technology solutions. He lauded India's services for having the twin power of 'universal acceptance' and 'universal attraction'.

Goyal lauds service sector for 'showing "resilience" during pandemic

The Minister lauded India's commitment to work persuasively, capacitating service sector employees to '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 are showing revival signs."

The Ministry of Labour had earlier in the year formalised 'work from home' for the service sector while providing separate model standing orders for the first time in the country. 

Union Minister Piyush Goyal also spotlighted the Centre's initiatives: Aatmanirbhar Bharat Package, Collateral-Free Automatic Loans for Businesses and MSMEs, and enterprises in Skill development. He said, "Rs 56,027 crore was released under various Export Promotion schemes."

Minister hopeful on Indian Service Sector's global presence

The Union Minister of Commerce and Industry expressed his optimism over India's possibilities of standing out as one of the top service exporters across the globe. He noted that the service sector is propelling the country's transition from an 'assembly economy' to a 'knowledge-based economy'. He further said that global sentiments are changing from 'Why India" to "Serve the world from India".

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

Here is the link to the complete discourse by the Union Minister at the Global Services Conclave 2021.

Inputs: ANI

Image: TWITTER-@PIYUSHGOYAL/PIXABAY