New Delhi: Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Goyal has said that India is poised to achieve services export target of $1 trillion by 2030. He was addressing the gathering at ‘Services Export Promotion Council - Global Services Conclave 2021’ here on Tuesday.
The Minister said that services are a key driver of India’s economic growth. Services sector provides employment to nearly 2.6 crore people and contributes approximately 40 per cent to India’s total global exports, he said, adding that services trade surplus was $89 billion in FY 2020-21 and it has been the largest FDI recipient (53 per cent 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 today, Indian services have the twin power of universal acceptance and universal attraction.
Lauding India's commitment to enable ‘work from Home’ during the pandemic, Shri Goyal said that while services trade remained depressed in other countries, India’s services sector showed immense resilience.
Appreciating the spirit that led to rise through the tough times faced by the sector, Shri Goyal said that tough times don’t last, but tough people do. He expressed his admiration for the selfless service of all frontline workers during the COVID 19 pandemic.
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. /BI/
