India achieves ‘Back office’ to the ‘Brain office’ status, says Goyal

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India is all set to achieve services export target of $1 Trillion by 2030 and that the country has the capacity to emerge as the top services exporter in the world. Commerce and Industry minister Piyush Goyal,said, “Services are a key driver of the country’s economic growth.” He was speaking at the ‘Services Export Promotion Council- Global Services Conclave 2021” held in New Delhi.

Services sector provides employment to over 2.6 crore people. In FY 2020-21, Services trade surplus has been $89 billion. The conclave was themed around ‘India Serves: Exploring Potential Growth Sectors Beyond IT/ITes’.

The Minister added that the sectors like tourism, hospitality, which suffered due to the pandemic is showing signs of revival. He also admired the selfless service of the frontline workers in the time of the pandemic. He said India became the 7th largest services exporter in 2020.

Goyal said Global sentiments are changing and he observed that the country has transformed itself to the ‘Brain office’ from from being the ‘Back office’ of the world. It is through Aatmanirbhar Bharat Package and collateral-free Automatic Loans for Businesses. The Government released Rs. 56,027 Crore under various Export Promotion schemes to support service sector which also include MSMEs.

“There is a need of assisting the states in forming a comprehensive export strategy with having districts as Export Hubs,” highlighted Goyal.

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