Union Minister Piyush Goyal Highlights IT MSME's Role in Service Exports

Union Minister of Commerce & Industry Piyush Goyal highlighted the importance of micro, small, and medium enterprises (MSMEs) in IT, tourism, business accounting, and financial services in driving services exports and job creation. Addressing the Global Confluence 2025 event organised by Nasscom in New Delhi, he expressed confidence that the IT sector could achieve a USD 450 billion services export target in the next financial year.

Goyal also stated the contribution of the IT and IT-enabled services (ITES) sector to India's economic growth. He mentioned that services sector exports reached approximately USD 340 billion last year, with IT and ITES contributing nearly USD 200 billion. This year, services exports are projected to be between USD 380 billion and USD 385 billion, further boosting India’s global position.

Piyush Goyal emphasised the importance of innovation and adaptability in managing India's competitive edge. He praised Nasscom for promoting continuous learning and noted that the IT sector has remained ahead by adopting technologies such as quantum computing, artificial intelligence, and machine learning. He also stressed upon the need to attract Global Capability Centers (GCCs) to India by leveraging the country’s talent pool. Encouraging businesses to operate from India instead of relocating talent abroad, he stated that this approach would boost foreign exchange earnings and support domestic economic growth.

IT-Led Growth and Economic Impact

Talking about India’s expanding middle class and rising consumption levels, Goyal outlined the major impact of IT-driven growth, including increased demand for commercial real estate, housing, and infrastructure. He described this as a cycle where a strong services sector supports overall economic expansion. He also underscored Nasscom’s role across industries and the need for the continuous reskilling and retraining of IT professionals to keep pace with technological advancements.

He reaffirmed the government’s pledge to supporting global partnerships through Free Trade Agreements (FTAs) and bilateral engagements, highlighting the interest of international markets in India’s growing IT sector.

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