India’s IT MSMEs to Drive $450 Billion Services Export Target: Piyush Goyal

India’s IT-focused MSMEs will play a crucial role in achieving the $450 billion services export target, as highlighted by Union Minister Piyush Goyal at Nasscom’s Global Confluence 2025 in New Delhi. He noted that last year, India’s services exports reached $340 billion, with IT and IT-enabled services (ITES) contributing nearly $200 billion, and this year’s exports are projected to rise to $380–$385 billion. He emphasized that the sector’s competitiveness is driven by innovation and the adoption of emerging technologies like AI, ML, and quantum computing.

To strengthen India’s position, the government aims to attract Global Capability Centers (GCCs) rather than outsourcing talent abroad, boosting foreign exchange earnings and economic growth. Additionally, the IT sector’s expansion will increase demand for real estate, housing, and infrastructure, fueling a broader economic boom. Shri Goyal urged Nasscom to focus on reskilling professionals to meet evolving industry needs. He also reiterated the government’s commitment to expanding global trade partnerships through FTAs and bilateral agreements, as many countries are eager to collaborate with India.

With a growing middle class and rising consumption levels, IT-driven growth will further strengthen India’s global presence. He concluded by reaffirming that India’s IT sector and MSMEs will be key drivers in transforming the country into a developed and prosperous nation.

India’s IT MSMEs to Drive $450 Billion Services Export Target: Piyush Goyal

India’s micro, small, and medium enterprises (MSMEs) in the IT sector are set to play a crucial role in achieving the ambitious $450 billion services export target, according to Union Commerce & Industry Minister Piyush Goyal. Speaking at Nasscom’s Global Confluence 2025 event in New Delhi, he emphasized how rapidly expanding sectors such as IT, tourism, business accounting, and financial services are boosting exports and creating new job opportunities.

Shri Goyal expressed confidence in India’s ability to meet this target. He highlighted that in the last financial year, the country’s services exports reached nearly $340 billion, with IT and IT-enabled services (ITES) alone contributing approximately $200 billion. This year, services exports are projected to grow further, reaching between $380 billion and $385 billion. This sustained growth solidifies India’s position as a major player in the global services market.

Innovation and Adaptability: Key Drivers

The Minister underscored the importance of staying ahead in an increasingly competitive landscape. He praised Nasscom for fostering a culture of innovation and continuous learning. He noted that India’s IT sector has consistently evolved by embracing cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), and quantum computing. These advancements help maintain India’s competitive edge in global markets and attract greater foreign investment.

Additionally, Shri Goyal stressed the need for India to become a preferred destination for Global Capability Centers (GCCs). These centers, established by multinational corporations, manage key business functions such as IT support, finance, and customer service. Encouraging companies to set up GCCs in India rather than relocating talent abroad would boost foreign exchange earnings, create high-quality jobs, and drive domestic economic growth.

A Ripple Effect on Economic Growth

Beyond IT, Shri Goyal pointed out that the sector’s expansion has a cascading effect on the broader economy. As the middle class continues to grow and consumer demand increases, IT-driven development will fuel greater demand for commercial real estate, housing, and infrastructure. This “virtuous cycle of growth,” as he described it, strengthens multiple sectors and enhances India’s economic resilience.

To sustain this momentum, the Minister urged Nasscom to continue investing in reskilling and upskilling IT professionals. As technology evolves rapidly, ensuring that the workforce remains equipped with the latest skills is essential for maintaining India’s leadership in the IT and ITES sectors.

Strengthening Global Trade Relations

Recognizing India’s expanding role in global markets, Shri Goyal reiterated the government’s commitment to strengthening trade partnerships through Free Trade Agreements (FTAs) and bilateral deals. He emphasized that many international markets are eager to collaborate with India, given its skilled workforce, cost-effective services, and strong technological capabilities. By leveraging these opportunities, India can further expand its services exports and strengthen its global presence.

A Vision for a Developed India

As India continues its journey toward becoming a developed nation, the role of IT and MSMEs remains crucial. Shri Goyal concluded his address by reaffirming his confidence in the sector’s ability to drive economic transformation. By fostering innovation, attracting global businesses, and reskilling the workforce, India’s IT industry is set to contribute significantly to the nation’s long-term prosperity.

With strong government support and the relentless innovation of the IT sector, India is well on track to achieving its ambitious export targets, further cementing its position as a global technology hub.