MSMEs to Propel IT Sector Towards $450 Billion Export Goal: Piyush Goyal
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Synopsis
Piyush Goyal asserts that with MSMEs at the forefront, the IT sector is on track to achieve a remarkable $450 billion in service exports next year, emphasizing innovation and collaboration as essential components for economic growth.
Key Takeaways
- MSMEs are crucial for achieving $450 billion export target.
- IT and ITES contributed nearly $200 billion last year.
- India’s services exports expected to rise between $380-$385 billion.
- Innovation and adaptability are key for competitiveness.
- Nasscom is essential for reskilling IT professionals.
New Delhi, March 21 (NationPress) Under the leadership of MSMEs, the IT sector is poised to meet an ambitious target of $450 billion in services exports for the upcoming financial year, according to Union Minister of Commerce and Industry, Piyush Goyal. Goyal emphasized the vital role that the IT and IT-enabled services (ITES) sectors play in driving India's economic growth.
He highlighted that last year, services sector exports reached roughly $340 billion, with IT and ITES making significant contributions of nearly $200 billion. This year, the expectation is that services exports will rise to between $380 billion and $385 billion, further enhancing India’s stature on the global stage.
While addressing the ‘Global Confluence 2025’ event organized by Nasscom, Goyal pointed out the necessity of innovation and adaptability to maintain India's competitive advantages.
He expressed strong confidence in the IT sector and MSMEs as pivotal contributors to the nation’s economic transformation during the Amrit Kaal, collectively striving for a developed and prosperous Viksit Bharat.
Goyal commended Nasscom for cultivating a culture of continuous learning, noting that the IT sector has consistently stayed ahead by adopting emerging technologies like quantum computing, artificial intelligence, and machine learning.
The minister underscored the importance of attracting global capability centres (GCCs) to India, utilizing the nation’s extensive talent pool. He encouraged businesses to operate from India rather than moving talent overseas, which would boost foreign exchange earnings and stimulate domestic economic growth.
Discussing the rise of India’s middle class and increasing consumption levels, Goyal elaborated on the ripple effects of IT-driven growth, such as heightened demand for commercial real estate, housing, and infrastructure.
He referred to this as a “virtuous cycle of growth,” where a thriving services sector bolsters the overall economy.
“Nasscom plays a crucial role across various industries and must continue to reskill and retrain IT professionals to stay relevant in today’s rapidly changing landscape,” Goyal remarked to the audience.
The Union Minister reaffirmed the government’s dedication to enhancing global collaborations via Free Trade Agreements (FTAs) and bilateral initiatives, stressing that many international markets are eager for India’s participation.
