India Set To Achieve Services Export Target Of $1Trillion By 2030: Piyush Goyal

Commerce Minister Piyush Goyal has said that the country is set to achieve services export target of $1 trillion by the year 2030, as it is a key factor in pushing the economic growth.

Addressing a conclave, the minister said that the services sector provides employment to more than 2 crore people in the country and also contributes around 40 per cent to India's overall global exports.

Mr Goyal said that the trade surplus in the services sector was $89 billion in 2020-21 and it has been the largest foreign direct investment (FDI) recipient.

Appreciating the country's commitment towards enabling “work from home” during the beginning of the Coronavirus pandemic, he said that the services sector displayed a lot of resilience, especially keeping in mind the fact that it had remained depressed in other countries.

Labour Ministry earlier in the year, had formalised work from home and prepared separate model standing orders for the first time for the services sector in the country.

Expressing optimism over India's potential of becoming one of the top services exporters in the world, Mr Goyal noted that the services sector is propelling the country's transition from an “assembly economy” to a “knowledge-based economy”.