Despite Covid-19, India meeting its services commitments globally, says Piyush Goyal

Our Bureau New Delhi | Updated on July 31, 2021

IT sector performing well; demand for hospitality, tourism may grow soon

Despite the Covid-19 pandemic, India has been meeting all its service commitments across the world without failure and exports of services in 2020-21were almost at the level of the previous year, Commerce & Industry Minister Piyush Goyal has said. “Throughout last year and a quarter...India has met all its service commitments across the world without failure. Largely we were able to maintain our international obligations to the tee without any stoppages or bugs coming in the way,” the Minister said speaking at a webinar on ‘services sector driving Covid-19 economic recovery’ on Saturday. It was organised by the Indo-American Chamber of Commerce (IACC).

IT posting strong growth

While last year India’s services exports were around 97 per cent of the previous year, in the current year it has posted strong growth, the Minister added. “I am told that IT companies are hard pressed to find talent and are occasionally refusing contracts. It is a sweet spot,” he said.

The Minister acknowledged that hospitality, travel, tourism have taken a hit and said the government was conscious and worried about it. However, he added that a lot of people were waiting to travel once things opened up more, so good times were soon expected to return for the travel and hospitality industry.

Also read: India will continue to attract high foreign investments: Goyal

Highlighting the growth potential of the services sector, the Minister pointed out that India's services exports two decades back at $17 billion had leap frogged to $205 billion in 2020-21 growing 12 times. “I am confident that our half trillion (dollars) mark is not far away. You (the services sector) will achieve it and will want to shoot for a trillion (dollars),” he said.

Commenting on the scope for cooperation between India and the US, Goyal said the two had a lot of complementarities and different areas of comparative advantage. “US is hub of innovation, technology, research and quality education. India has skilled and intelligent manpower, both technical and managerial. And we provide it at competitive prices. Uniting these two strengths..bringing together complementarity makes for an unbeatable partnership,” he said.

Published on July 31, 2021

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