The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that India is poised to achieve a services export target of $1 trillion by 2030. He said while addressing the gathering at the 'Services Export Promotion Council- Global Services Conclave 2021” in New Delhi.
"Services are a key driver of India’s economic growth," the minister said.
He added that the services sector provides employment to nearly 2.6 crore people and contributes approximately 40% to India’s total global exports. Further, he said that the Services trade surplus was $89 bn in FY 2020-21 and it has been the largest FDI recipient (53% of FDI inflows 2000-2021).
Emphasizing that the Service sector is our competitive advantage, powered by Skills, Startups and IT Solutions, the Minister said that, Indian services have the twin power of universal acceptance & universal attraction.
Lauding India's commitment to enabling ‘work from Home’ during the pandemic, Goyal said that, while services trade remained depressed in other countries, India’s services sector showed immense resilience.
"Sectors like tourism, hospitality, etc. which suffered due to COVID-19 is showing revival signs" he added.
The Minister said that in 2020, India became the 7th largest services exporter in the world, moving up the ladder by two positions. Services PMI rose to a decade high of 58.4 in Oct’21, he said.
Emphasizing that India had the potential to become the top services exporter in the world, Goyal said that Services is boosting India’s transition from an assembly economy to a knowledge-based economy.
The Minister listed certain crucial sectors which can catapult India’s services sector on a high growth trajectory such as higher education. He observed that students from the US, Canada etc. prefer India for heritage, art and culture studies.
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