MSMEs in IT sector to play a key role in achieving $450B services export target: Piyush Goyal
The Union Minister of Commerce & Industry emphasised on the importance of attracting global capability centres (GCCs) to India, highlighting the country's vast talent pool as a key advantage.
Union Minister of Commerce & Industry, Piyush Goyal, said that India’s MSMEs in the IT sector will play a key role in achieving the ambitious $450-billion services export target in the next financial year.
Speaking at Global Confluence 2025 organised by Nasscom in New Delhi, Goyal emphasised the sector’s key role in driving services exports and creating jobs.
A release from Press Information Bureau said that Goyal 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 also praised the industry body Nasscom for promoting continuous learning and noted that the IT sector stays ahead by embracing technologies like quantum computing, AI, and machine learning.
He said Nasscom plays an omnipresent role across industries and must continue reskilling and retraining IT professionals to remain relevant in today’s fast-evolving landscape.
He emphasised on the importance of attracting global capability centres (GCCs) to India, highlighting the country's vast talent pool as a key advantage.
Encouraging businesses to establish operations in India instead of relocating talent overseas would boost foreign exchange earnings and drive domestic economic growth, he added.
Goyal also discussed India’s expanding middle class and rising consumption levels. He 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.
Further, he reaffirmed the government's commitment to strengthening global partnerships through free trade agreements and bilateral ties, highlighting strong international demand for India's presence.
Edited by Swetha Kannan