India to hit services export target of USD 1 trillion: Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said India is poised to achieve services export target of $1 trillion by 2030.

In his addressing at the Services Export Promotion Council- Global Services Conclave 2021’ in New Delhi, he said the services are a key driver of India’s economic growth.

Goyal said services sector provides employment to nearly 2.6 crore people and contributes to approximately 40 per cent of India’s total global exports. He also said services trade surplus was $89 billion in FY 2020-21 and has been the largest FDI recipient (53 per cent of FDI inflows 2000-2021).

The theme of the Global Services Conclave 2021 was ‘India Serves: Exploring Potential Growth Sectors Beyond IT/ITes’. Emphasising that the service sector is India’s competitive advantage, powered by skills, start-ups 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, Goyal said 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, showing revival signs, he added.

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