India’s MSMEs in IT sector to play a key role in achieving ambitious Rs. 38,84,400 cr services export target: Union Minister of Commerce and Industry

Union Minister of Commerce and Industry, Mr. Piyush Goyal, highlighted the rapid growth of Micro, Small, and Medium Enterprises (MSMEs) in Information Technology (IT), tourism, business accounting, and financial services, emphasising their crucial role in boosting services exports and employment. Speaking at Global Confluence 2025, organised by the National Association of Software and Service Companies (Nasscom) in New Delhi, he expressed confidence in the IT sector’s potential to achieve Rs. 38,84,400 crore (US$ 450 billion) in services exports in the FY26. He noted that services exports stood at approximately Rs. 29,34,880 crore (US$ 340 billion) last year, with IT and IT-enabled services (ITES) contributing nearly Rs. 17,26,400 crore (US$ 200 billion). This year, services exports are expected to reach Rs. 32,80,160 crore (US$ 380 billion) – Rs. 33,23,320 crore (US$ 385 billion), reinforcing India's global standing. He stressed the need for innovation and adaptability to maintain India's competitive edge, commending Nasscom for fostering continuous learning. He urged the attraction of Global Capability Centres (GCCs) to India, leveraging its skilled workforce instead of relocating talent abroad. Highlighting the broader economic impact of IT-led growth, he pointed to rising demand for commercial real estate, housing, and infrastructure, calling it a “virtuous cycle of growth.” He reiterated the government’s commitment to expanding global partnerships through Free Trade Agreements (FTAs) and bilateral engagements, noting global markets’ eagerness for India's presence. In conclusion, he reaffirmed confidence in MSMEs and the IT sector as key drivers of India's economic transformation in Amrit Kaal, collectively working towards a developed and prosperous Viksit Bharat.