Summary:
Mr. Piyush Goyal, Union Minister of Commerce and Industry, highlighted the growth of Micro, Small and Medium Enterprises (MSMEs) in fields like Information Technology (IT), tourism, financial services and business accounting, underscoring their essential role in boosting employment and enhancing India's services exports. At the Global Confluence 2025, held by the National Association of Software and Service Companies (Nasscom) in New Delhi, he emphasised their contribution to economic progress. Confident in the IT sector's future growth, Mr. Goyal predicted that services exports could achieve Rs. 38,84,400 crore (US$ 450 billion) in the 2026 fiscal year. He noted that last year's exports totalled approximately Rs. 29,34,880 crore (US$ 340 billion), with IT and IT-enabled services (ITES) contributing a notable Rs. 17,26,400 crore (US$ 200 billion). For the current fiscal year, services exports are expected to range from Rs. 32,80,160 crore (US$ 380 billion) to Rs. 33,23,320 crore (US$ 385 billion), further establishing India's dominance in the global services landscape.
Commending Nasscom for promoting skill development and continuous learning, Mr. Goyal underscored the need for innovation and adaptability. He advocated for the establishment of more Global Capability Centres (GCCs) in India, encouraging companies to leverage the nation’s highly skilled workforce instead of moving talent abroad. Mr. Goyal also highlighted the broader economic impact of the IT sector’s growth, pointing to a sharp rise in demand for commercial real estate, housing and infrastructure. He described this phenomenon as a “virtuous cycle of growth,” reinforcing its positive influence on the economy. Reaffirming the government’s commitment to strengthening global trade relationships, he emphasised the role of Free Trade Agreements (FTAs) and bilateral collaborations in creating new avenues for Indian enterprises. He remarked on the enthusiasm of international markets for increasing partnerships with India, reflecting the country's growing global influence. In conclusion, Mr. Goyal expressed strong confidence in the resilience of MSMEs and the IT sector as key drivers of India's economic transformation during Amrit Kaal. He affirmed their crucial role in realising the vision of a developed and prosperous Viksit Bharat, contributing to sustained economic progress and innovation.
Source: IBEF
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