India's IT MSMEs Key to $450 Billion Services Export Goal: Piyush Goyal
Understand the very high growth rate of MSMEs in IT, tourism, accounting for business and financial services, Union Minister of Commerce & Industry, Shri Piyush Goyal highlighted the industry's pivotal contribution towards services export growth and job creation. He mentioned this at Nasscom-organized Global Confluence 2025 in New Delhi today.
Shri Goyal expressed confidence that the IT sector can achieve an ambitious $450 billion services export target in the next financial year. He underscored the critical role of the IT and IT-enabled services (ITES) sector in India’s economic growth. He noted that the services sector exports reached approximately $340 billion last year, with IT and ITES contributing nearly $200 billion. This year, the services export is estimated to touch $380 billion to $385 billion, further strengthening India's position on the world stage.
Shri Goyal emphasized the role of innovation and responsiveness in keeping India competitive. He lauded Nasscom for encouraging a culture of ongoing learning and said that the IT industry has always stayed one step ahead of the curve by adopting new technologies like quantum computing, artificial intelligence, and machine learning.
He also emphasized the importance of bringing Global Capability Centers (GCCs) to India, tapping into the nation's large talent pool. Encouraging companies to do business from India instead of sending talent overseas, he stated that this would boost foreign exchange earnings and drive domestic economic growth.
Talking of India's growing middle class and escalating consumption patterns, Shri Goyal laid out the spillover advantages of IT-driven growth, such as higher demand for commercial realty, housing, and infrastructure. He described it as a 'virtuous cycle of growth' in which a robust services industry makes the entire economy stronger.
Nasscom, he observed, is present everywhere across industries and has to keep reskilling and upskilling IT professionals in order to remain germane to today's rapidly changing environment. He reaffirmed the government's promise to broadening global ties via Free Trade Agreements (FTAs) and bilateral approaches and reiterated that several global markets look forward to India's arrival.
The Minister concluded with renewed faith in India's IT industry and MSMEs as prime drivers of India's economic change in the Amrit Kaal, striving together for a developed and prosperous Viksit Bharat.
