Services exports from India are set to touch $1 trillion by 2030 but the country must introduce more standards, improve quality and move up the value chain, said the Minister of Commerce and Industry, Piyush Goyal.

“Sectors like tourism and hospitality, which suffered due to Covid-19, are showing revival signs,” the Minister said.

There is also a need to look at expanding markets for legal and accounting professionals, the Minister said at SEPC’s Global Services Conclave 2021. Opening up of domestic legal services sector will benefit Indian lawyers as they will get huge opportunities in countries like Europe, Australia and America, he added.

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Trade partners such as the UK, the EU and Australia, with which India is negotiating Free Trade Agreements, are interested in liberalisation of both legal and accounting services and inclusion of the sectors in the pacts.

40% of total exports

The services sector provides employment to nearly 2.6 crore people and contributes about 40 per cent to India’s total global exports. India is the seventh largest services exporter in the world. In 2020–21, Indian services exports were valued at $ 206 billion.

Education sector

He added that education was one of the crucial sectors that could catapult India’s services sector on a high growth trajectory. Students from countries such as the US and Canada preferred India for heritage, art and culture studies, he said.

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Goyal suggested the industry focus on areas like online delivery of services, reach out to bodies of professional services abroad for mutual recognition agreements, and give proper feedback for free-trade pacts and a dynamic business-to-business portal.

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