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regular-article-logo Sunday, 14 April 2024

Services sector should gear up for $1 trillion export by 2030: Piyush

The services sector provides employment to nearly 2.6 crore people and contributes approximately 40 per cent to India’s exports

Our Special Correspondent New Delhi Published 10.11.21, 01:15 AM
Piyush Goyal.

Piyush Goyal. File photo

The services sector should girdle themselves up for $1 trillion export by 2030 as India transforms itself from a BPO provider to more knowledge-oriented fields.

“India has the potential to become the top services exporter in the world. The services are boosting India’s transition from an assembly economy to a knowledge-based economy,” Goyal said at a global services conclave organised by the Services Export Promotion Council (SEPC).

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The services sector provides employment to nearly 2.6 crore people and contributes approximately 40 per cent to India’s exports. The services trade surplus was $89 bn in 2020-21; it has been the largest FDI recipient, with 53 per cent of the foreign funds coming to the sector.

Goyal said the country should leverage its potential in a host of sectors including IT, education, technology-based healthcare and management, and business services.

He said the opening up of legal services will benefit Indian lawyers as they would get huge opportunities in countries such as Europe, Australia and America.

However, Goyal added that there is a need to get Indian lawyers on board on this issue.

“I personally believe that the opening up legal services in India will actually be a net gain for lawyers of India because no lawyer is going to come from America or Europe and practise at Indian rates.”

“But, Indian lawyers will get huge opportunities in Europe and Australia, in America, in all of the world actually, with the kind of skills that our lawyers have,” he said.

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