Services are a key driver of India's economic growth
The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, oyal today said that India is poised to achieve services export target of $1 trn by 2030. The Minister said that Services are a key driver of India's economic growth. He added that services sector provides employment to nearly 2.6 crore people and contributes approximately 40% to India's total global exports. He added that Services trade surplus was $89 bn in FY 2020-21 and it has been the largest FDI recipient (53% of FDI inflows 2000-2021).
Emphasizing that 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. Lauding India's commitment to enable 'work from Home' during the pandemic, Goyal said that 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" he added.
Appreciating the spirit that led to rise through the tough times faced by the sector, Goyal said that tough times don't last, but tough people do. He expressed his admiration for the selfless service of all frontline workers during the COVID 19 pandemic. The Minister 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 in Oct'21, he said. Emphasizing that India had the potential to become the top services exporter in the world, Shri Goyal said that Services is boosting India's transition from an Assembly economy to a Knowledge based economy. Global sentiments are changing from 'Why India' to now Serve the world from India, he said.
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