India set to achieve service export target of USD 1 trillion by 2030: Piyush Goyal.
Terming the ‘services’ sector as a key driver of India’s economic growth, Union Minister Piyush Goyal on Tuesday said India is poised to achieve the service export target of USD 1 trillion by 2030.
Speaking at the ‘Export Prom Services Council – Global Services Conclave 2021’ in the national capital, Goyal said, “The services sector provides employment to around 26 million people and contributes to about 40 per cent of India’s total global exports.
The services trade surplus in the financial year 2020-21 stood at USD 89 billion and has been the largest FDI recipient.” Emphasizing that the services sector driven by skilling, startups and IT solutions is our competitive advantage, the minister said. The dual power of universal acceptance and universal attractiveness, according to a release from the Ministry of Commerce and Industry in India’s services.
Appreciating India’s commitment to enable ‘work from home’ during the pandemic, Goyal said, “While service trade in other countries remained depressed, India’s service sector showed immense resilience. Sectors such as tourism and hospitality, Those who were suffering due to COVID-19 are showing signs of revival,” he said.
The Union Minister highlighted the central government’s initiative Atmanirbhar 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 Global Services Conclave 2021 was ‘India Serves: Exploring Potential Growth Sectors Beyond IT/ITES’.
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