Union Minister of Commerce & Industry, Shri Piyush Goyal, highlighted the significant role of India’s Micro, Small, and Medium Enterprises (MSMEs) in achieving the ambitious $450 billion services export target for the next financial year. Speaking at the Global Confluence 2025 organized by Nasscom in New Delhi, he emphasized the rapid growth of MSMEs in IT, tourism, business accounting, and financial services, acknowledging their contribution to job creation and economic development.

Shri Goyal expressed confidence in the continued strength of the IT and IT-enabled services (ITES) sector, which contributed nearly $200 billion to last year’s services exports of approximately $340 billion. This year, services exports are projected to rise to $380 billion to $385 billion, further reinforcing India’s global standing.

Stressing the importance of innovation and adaptability, the Minister praised Nasscom for promoting a culture of continuous learning and for driving advancements in emerging technologies like quantum computing, artificial intelligence, and machine learning. He also called for attracting more Global Capability Centers (GCCs) to India, encouraging businesses to operate domestically and leverage the country’s talent pool for enhanced foreign exchange earnings and economic growth.

Shri Goyal further highlighted the cascading benefits of IT-led growth, pointing to increased demand for commercial real estate, housing, and infrastructure, creating a “virtuous cycle of growth.” He urged Nasscom to continue reskilling and retraining IT professionals to maintain the sector’s competitive edge.

Reiterating the government’s commitment to expanding global partnerships through Free Trade Agreements (FTAs) and bilateral engagements, Shri Goyal concluded with confidence in India’s IT sector and MSMEs as pivotal forces driving the nation’s economic transformation during the Amrit Kaal, contributing to a developed and prosperous Viksit Bharat.