India’s IT and IT-enabled services (ITES) sector, bolstered by the rapid expansion of Micro, Small, and Medium Enterprises (MSMEs) in the fields of IT, tourism, business accounting, and financial services, is set to achieve a transformative milestone. Union Commerce and Industry Minister Piyush Goyal, speaking at the Global Confluence 2025 in New Delhi organized by Nasscom, expressed confidence in the sector’s ability to drive the nation toward achieving a remarkable Rs. 450 billion in services exports in the next fiscal year. The ambitious target reflects the government’s recognition of the critical role of IT and MSME sectors in India’s economic narrative and their ability to elevate the nation’s global standing.
The services sector, which emerged as a cornerstone of India’s economic strength, accounted for approximately Rs. 340 billion in exports during the past fiscal year. Of this, the IT and ITES segments alone contributed nearly Rs. 200 billion, underscoring the sector’s dominance within the services export landscape. Projections for the current fiscal year suggest services exports will surpass Rs. 380 billion, highlighting India’s sustained ascent as a global hub for technology and knowledge services.
Highlighting the pivotal role of innovation and adaptability, Goyal commended the IT sector for embracing and mastering frontier technologies such as artificial intelligence, machine learning, and quantum computing. He attributed the industry’s resilience and forward-looking growth to the culture of continuous learning and reinvention fostered by Nasscom. By maintaining this trajectory, the IT sector has remained ahead of global competition and laid a robust foundation for sustained development.
The minister also emphasized the importance of leveraging India’s talent pool to attract Global Capability Centers (GCCs) to the country. Encouraging businesses to establish operations domestically, rather than moving Indian talent abroad, Goyal identified this approach as a critical driver of foreign exchange earnings and domestic economic growth. By tapping into the expanding middle class and rising consumer demand, he highlighted the cascading economic benefits that IT-led development creates, ranging from increased infrastructure investments to higher real estate demand.
Nasscom, described by the minister as an omnipresent force across industries, was lauded for its instrumental role in reskilling and retraining professionals in line with the rapid evolution of technological landscapes. Goyal emphasized the necessity of staying relevant in a competitive global marketplace by continuously upgrading skills and fostering innovation. He reaffirmed the government’s commitment to forging international partnerships, facilitated through Free Trade Agreements (FTAs) and bilateral engagements. India’s ability to strategically position itself in global markets, according to the minister, has garnered strong interest and demand from numerous nations seeking collaborations with Indian enterprises.
At the event, Goyal described India’s journey toward becoming a developed and prosperous nation during the “Amrit Kaal,” driven by the collective efforts of its dynamic IT sector and the entrepreneurial spirit of MSMEs. The collaborative approach envisioned by the government and industry stakeholders underscores the belief that a thriving services sector is integral to propelling India into a dominant global economic position.
With the IT and MSME sectors at the forefront of this transformation, India is poised to not only surpass its Rs. 450 billion services export target but also redefine its economic identity as a global leader in innovation, technology, and human capital development. The virtuous cycle of growth, as described by Goyal, promises a brighter, more prosperous future for India’s economy and its people.
