Union Minister: MSMEs Will Drive IT Sector Towards $450 Billion Service Export Target
New Delhi (The Uttam Hindu): Union Commerce and Industry Minister Piyush Goyal said that the IT sector, led by MSMEs, can reach the service export target of $ 450 billion in the next financial year. Union Minister Goyal underlined the important role of the IT and IT-enabled services (ITES) sector in India's economic growth.
The Union Minister said that last year, the exports of the service sector reached about $340 billion, with IT and ITES contributing about $200 billion. This year, service exports are expected to reach between $380 billion and $385 billion, further strengthening India's global presence. Speaking at the 'Global Confluence 2025' organized by NASSCOM, the Union Minister said that innovation and adaptability play an important role in enhancing India's ability to compete.
The Union Minister reaffirmed his faith in India's IT sector and MSMEs as the key drivers of the country's economic transformation in the Amrit Kaal, working collectively towards a developed and prosperous India. He praised NASSCOM for promoting a culture of continuous learning, stating that the IT sector is constantly staying ahead by adopting new technologies such as quantum computing, artificial intelligence and machine learning. The Union Minister also emphasized the need to attract Global Capability Centers (GCCs) to India by leveraging the country's vast talent pool. Encouraging businesses to operate from India instead of relocating talent abroad, he said this will increase foreign exchange earnings and boost domestic economic growth.
Discussing India's growing middle class and rising consumption levels, Union Minister Goyal underlined the benefits of IT-led growth, including increasing demand for commercial real estate, housing and infrastructure. "NASSCOM is playing a very important role in this changing era. It should continue to train IT professionals to upskill them," Union Minister Goyal told the gathering. The Union Minister reiterated the Government's commitment to expanding global partnerships through Free Trade Agreements (FTAs) and bilateral relations." The Union Minister reiterated the Government's commitment to expanding global partnerships through Free Trade Agreements (FTAs) and bilateral relations.
