Piyush Goyal emphasizes MSME sector's key role in driving services exports and creating jobs

Recognizing the rapid growth of MSMEs in IT, tourism, business accounting, and financial services, Union Minister of Commerce & Industry, Piyush Goyal, emphasized the sector's key role in driving services exports and creating jobs. While speaking at the Global Confluence 2025 organized by Nasscom in New Delhi, he expressed confidence that the IT sector can achieve an ambitious $450 billion services export target in the next financial year. He underscored the critical role of the IT and IT-enabled services (ITES) sector in India's economic growth. He noted that the services sector exports reached approximately $340 billion last year, with IT and ITES contributing nearly $200 billion. This year, services exports are expected to reach between $380 billion and $385 billion, further solidifying India's global presence.

Goyal highlighted the importance of innovation and adaptability in maintaining India's competitive edge. He noted 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 Centers (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.

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