IT sector and MSMEs to strengthen global export footprint

By Staff Report March 21, 2025 1:46 pm IST

India’s Union Minister of Commerce & Industry, Piyush Goyal, highlighted the rapid growth of MSMEs in IT, tourism, business accounting, and financial services. He reiterated the government’s commitment to expanding global partnerships through Free Trade Agreements (FTAs) and bilateral engagements.

Recognising the rapid growth of MSMEs in IT, tourism, business accounting, and financial services, Union Minister of Commerce & Industry Piyush Goyal emphasised the sector’s key role in driving services exports and creating jobs, saying, “At the Global Confluence 2025 organised by Nasscom in New Delhi. The IT sector can achieve an ambitious $450 billion services export target in the next financial year. He underscored the critical role of the IT and IT-enabled services (ITES) sector in India’s economic growth. He noted that the services sector exports reached approximately $340 billion last year, with IT and ITES contributing nearly $200 billion. This year, services exports are expected to reach between $380 billion and $385 billion, further solidifying India’s global presence.”

The importance of innovation and adaptability in maintaining India’s competitive edge. He praised Nasscom for fostering a culture of continuous learning, stating that the IT sector has consistently remained ahead of the curve by embracing new technologies such as quantum computing, artificial intelligence, and machine learning.

He also stressed the need to attract Global Capability Centres (GCCs) to India, leveraging the country’s vast talent pool. Encouraging businesses to operate from India rather than relocating talent abroad, he said this would enhance foreign exchange earnings and fuel domestic economic growth.

Discussing India’s expanding middle class and rising consumption levels, Goyal outlined the cascading benefits of IT-led growth, including increased demand for commercial real estate, housing, and infrastructure. He called it a “virtuous cycle of growth” where a thriving services sector strengthens the overall economy.

Nasscom plays an omnipresent role across industries and continues reskilling and retraining IT professionals to remain relevant in today’s fast-evolving landscape. He reiterated the government’s commitment to expanding global partnerships through Free Trade Agreements (FTAs) and bilateral engagements, emphasising that numerous global markets are eager for India’s arrival.

The minister concluded by reaffirming confidence in India’s IT sector and MSMEs as key drivers of the country’s economic transformation in the Amrit Kaal, working collectively towards a developed and prosperous Viksit Bharat.