Goyal assures full support to IT firms in pushing growth, exports to $1 trn

Commerce and Industry Minister Piyush Goyal assured full government support to leaders of top IT companies in pushing the growth of the sector and taking services exports to $1 trn in a decade.

Commerce and Industry Minister Piyush Goyal on Sunday assured full government support to leaders of India's top IT companies in pushing the growth of the sector and taking services exports to USD 1 trillion in a decade.

He said the country is on track to achieve its merchandise exports target of USD 400 billion this year, while services exports are likely to be about USD 240 -250 billion.

We can converge USD one trillion. That should be the ambition, mission. You have a little bit of catching up to do. I'll be delighted if you cross USD 1 trillion faster than them, the minister told IT industry leaders.

Welcoming the IT industry's proposal to start IT hubs in tier-2 and three towns, the minister said businesses should identify the towns and the centre would assist them in providing all the necessary infrastructure and facilities.

"Goyal has assured leaders of India's top IT companies that the central government will give full support to the sector to accelerate growth and help India's services exports soar to USD 1 trillion in a decade," the commerce and industry ministry said in a statement.

He also said the IT industry can make a big contribution to services exports by focusing on new technology and products that can make India a bigger global player in the sector.

Goyal suggested the industry to focus on high-tech products, for which the government would provide any assistance needed by the sector.

"IT industry had grown spectacularly on its own and many of the top companies grew at a time when India did not focus on creating a favourable ecosystem for startups," Goyal said, adding the Department for Promotion of Industry and Internal Trade (DPIIT) will provide all assistance to push growth and services' exports.

The virtual meeting was attended by Nasscom President Debjani Ghosh, Infosys CEO Salil Parekh, Tech Mahindra CEO and MD CP Gurnani; Mphasis CEO Nitin Rakesh; Wipro Chairman Rishad Premji; Genpact CEO NV Tyagarajan; WNS Global Services Group CEO Keshav R Murugesh; President and Head of Business and Technology Services at Tata Consultancy Services (TCS) Krishnan Ramanujam, among others.