Recognizing the rapid growth of India’s Micro, Small, and Medium Enterprises (MSMEs) in the Information Technology (IT) sector, Union Minister of Commerce & Industry, Piyush Goyal, highlighted the sector’s crucial role in achieving the country’s ambitious $450 billion services export target. Speaking at the Global Confluence 2025 organized by Nasscom in New Delhi on Thursday, Goyal emphasized that MSMEs in industries such as IT, tourism, business accounting, and financial services are key drivers of services exports and job creation, according to an official statement from the Ministry of Commerce & Industry.
The minister expressed confidence that the IT sector would play a pivotal role in reaching the $450 billion services export target in the upcoming financial year. He highlighted the importance of IT and IT-enabled services (ITES) as critical engines of India’s economic growth, noting that services exports reached approximately $340 billion last year, with IT and ITES contributing nearly $200 billion. This year, services exports are projected to rise to between $380 billion and $385 billion, further solidifying India’s global standing.
Goyal praised the sector’s commitment to innovation and its ability to adapt to new technologies, including quantum computing, artificial intelligence, and machine learning. He lauded Nasscom for fostering a culture of continuous learning and reskilling that helps the industry remain competitive.
The Minister also urged India to attract more Global Capability Centres (GCCs), capitalizing on the nation’s skilled workforce. By encouraging global companies to operate from India rather than sending talent overseas, the country could boost foreign exchange earnings and domestic economic growth, he added.
Goyal further noted that India’s growing middle class and increasing consumption would lead to a surge in demand for commercial real estate, housing, and infrastructure, creating a “virtuous cycle of growth” where the thriving services sector strengthens the broader economy.
He reaffirmed the government’s support for expanding global partnerships through Free Trade Agreements (FTAs) and bilateral engagements, noting that many global markets are eager for India’s offerings. Goyal expressed optimism that India’s IT sector and MSMEs would continue to play a transformative role in the country’s economic journey, contributing to a prosperous and developed “Viksit Bharat” during the Amrit Kaal.
