1 min read.Updated: 01 Aug 2021, 06:40 AM ISTLivemint
Piyush Goyal said that US is hub of innovation, technology, research & quality education while India has skilled and intelligent manpower at competitive cost, uniting our strengths will create an unbeatable combination
NEW DELHI: Commerce & Industry Minister Piyush Goyal on Saturday said that the services sector holds a lot of promise in aiding economic recovery during the post covid period.
Addressing the ‘2nd Indo-US Services Summit’, organised by Indo American Chamber of Commerce (IACC), Goyal said the services trade will play a very important role in the two countries ever-expanding relations.
"When we talk of India-US partnership, we each have areas of strengths where we excel. US is hub of innovation, technology, research & quality education. India has skilled and intelligent manpower at competitive cost. Uniting our strengths will create an unbeatable combination" Goyal remarked.
The minister said India is now moving beyond a ‘low-cost service provider’ to a ‘high value add partner’ and added that the back offices in India are evolving into brain offices. Giving examples of the 57 startup unicorns in India, Goyal said the entrepreneurial spirit of young Indians will place the country at the forefront.
The Minister informed that the total services exports from India to the world was $17 billion in 2001-02 and has now leapfrogged to $205 billion in 2020-21, registering a twelve-fold increase.
He further said that India is also rapidly progressing to become one of the world’s largest digital markets. Hospitality, fintech, agritech, entertainment, accountancy, law, cybersecurity, healthcare & tourism are some of the areas where India and the US can cooperate with mutual benefits.
Goyal applauded the good work of service industry stakeholders and said that India has met all its service commitments that it had across the world, without failure throughout the last 15-16 months. “Our services exports are back to 97% level of the previous year," he said.