New Delhi:
Referring to the good growth of service exports of the country, Piyush Goyal, the Minister of Commerce and Industry, on Thursday, said that the region should target to reach $ 450 billion, leaving behind goods exports in the next financial year. Piyush Goyal admitted that in the current global situation, the goods trade is facing many challenges.
Addressing the inaugural session of ‘Nascom Global Confluence 2025’ here, he said that the service sector should set an export target of $ 385-390 billion in FY 2025-26 and about $ 385-390 billion in this financial year.
The Union Minister said, “You should overtake the goods exports next year. The data shows that the increase in the field of services has been very fast. ”
Service exports increased by 14.1% to $ 354.9 billion in the first 11 months of the current financial year
The country’s service exports in FY 2023-24 stood at $ 341 billion. In the first 11 months of the current financial year, service exports have increased by 14.1 percent to $ 354.9 billion. In contrast, the export exports fell by 3.1 percent to $ 437 billion in 2023-24. In the current financial year, goods exports increased by 0.06 percent to $ 395.6 billion by February.
It is possible to gain 15-18% increase in service exports
The Commerce Minister said, “We should aspire for more aggressive goals. It is possible to gain 15-18 percent increase in service exports as new technology is coming and more number of Global Capacity Center (GCC) of multi national companies is opening in the country.
Piyush Goyal said that according to the previous calculation, the number of GCC operated in India has increased to 1,650.