skills

“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,” Goyal added.

India is all set to achieve a services export target of $1 trillion by 2030, amid the economic recovery, said the Minister of Commerce and Industry, Piyush Goyal, on Tuesday, at the Services Export Promotion Council- Global Services Conclave 2021

“The services sector provides employment to nearly 2.6 crore people and contributes approximately 40 percent to India’s total global exports. The services trade surplus was $89 billion in FY 2020-21 and it has been the largest FDI recipient (53 percent of FDI inflows 2000-2021),” the Union Minister said

Emphasising 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 & universal attraction.

“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,” Goyal added.

Goyal 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 on October 21. 

Goyal also emphasised that India had the potential to become the top services exporter in the world. He said, “Services are boosting India’s transition from an Assembly economy to a Knowledge-based economy.”