India’s Micro, Small, and Medium Enterprises (MSMEs) in the IT sector are poised to play a crucial role in achieving an ambitious $450 billion services export target, Union Minister of Commerce & Industry Piyush Goyal said today. Speaking at the Global Confluence 2025, organized by Nasscom in New Delhi, he emphasized the rapid growth of MSMEs in IT, tourism, business accounting, and financial services, highlighting their contribution to job creation and economic expansion.
The minister expressed confidence that India’s IT and IT-enabled services (ITES) sector can propel services exports to new heights in the coming financial year. With services sector exports reaching approximately $340 billion last year—nearly $200 billion of which came from IT and ITES—India is on track to hit an estimated $380 billion to $385 billion this year. This growth cements India’s reputation as a global leader in digital services.
Shri Goyal acknowledged the sector’s resilience and adaptability, crediting Nasscom for fostering a culture of continuous learning. He pointed to India’s embrace of emerging technologies like quantum computing, artificial intelligence, and machine learning as a key factor in maintaining its competitive edge. He also stressed the importance of attracting Global Capability Centers (GCCs) to India, urging businesses to invest locally rather than relocating talent abroad. By doing so, he said, India could enhance foreign exchange earnings and strengthen domestic economic growth.
The broader impact of IT-led growth extends beyond exports, he noted. With an expanding middle class and rising consumption, the IT sector’s success fuels demand for commercial real estate, housing, and infrastructure, creating a “virtuous cycle of growth.” The minister highlighted the importance of continued reskilling and upskilling efforts to ensure that India’s workforce remains globally competitive.
Shri Goyal reaffirmed the government’s commitment to strengthening international partnerships through Free Trade Agreements (FTAs) and bilateral engagements. He emphasized that many global markets are eager for deeper collaboration with India, presenting a significant opportunity for businesses.
Concluding his address, the minister expressed strong faith in India’s IT sector and MSMEs as pivotal forces in the country’s economic transformation. As India advances towards its vision of a developed and prosperous “Viksit Bharat,” he emphasized the collective effort needed to drive sustained growth and global leadership in services exports.
