New Delhi : Union Minister of Commerce & Industry, Piyush Goyal called for a collective commitment from the government and the IT sector to achieve a $450 billion services export target. Recognizing the rapid growth of MSMEs in IT, tourism, business accounting, and financial services, Shri Goyal emphasized the sector’s high job creation potential. He expressed confidence at the inaugural session of NASSCOM Global Confluence 2025 in New Delhi today that in 2025-26, India’s services exports could surpass merchandise exports, with IT at the forefront. He called for a collective commitment from the government and the IT sector to achieve a $450 billion services export target.
Shri Goyal 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, services exports are expected to reach between $380 billion and $385 billion, further solidifying India’s global presence.
Shri Goyal highlighted the importance of innovation and adaptability in maintaining India’s competitive edge. He praised NASSCOM (National Association of Software and Services Companies) for fostering a culture of continuous learning, stating that the IT sector has consistently remained ahead of the curve by embracing new technologies such as quantum computing, artificial intelligence, and machine learning.
He also stressed the need to attract Global Capability Centers (GCCs) to India, leveraging the country’s vast talent pool. Encouraging businesses to operate from India rather than relocating talent abroad, he said this would enhance foreign exchange earnings and fuel domestic economic growth.
Discussing India’s expanding middle class and rising consumption levels, Shri Goyal 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.
NASSCOM, he noted, plays an omnipresent role across industries and must continue reskilling and retraining IT professionals to remain relevant in today’s fast-evolving landscape. He reiterated the government’s commitment to expanding global partnerships through Free Trade Agreements (FTAs) and bilateral engagements, emphasizing that numerous global markets are eager for India’s arrival.
The Minister concluded by reaffirming confidence in India’s IT sector and MSMEs as key drivers of the country’s economic transformation in the Amrit Kaal, working collectively towards a developed and prosperous Viksit Bharat.
Congratulating the winners of the SME Inspired 2025 Awards, he lauded their achievements and encouraged others to strive for excellence in the coming years.