India performing well in services trade

According to Piyush Goyal, Minister of Commerce and Industry, India has been able to meet its services commitment across the globe, with the exports during FY 2020-21 being almost equal to its previous year. During last year, the services exports were 97% of the previous year while in the current year, the exports are showing robust growth.

Speaking on a webinar organized by the Indo-American Chamber of Commerce (IACC), the minister said, “Throughout last year and a quarter…India has met all its service commitments across the world without failure. Largely we were able to maintain our international obligations to the tee without any stoppages or bugs coming in the way.” He also said over the two decades the exports of services have increased 12 times, reaching US$ 205 billion in FY 2020-21. He added, “I am confident that our half trillion (dollars) mark is not far away. You (the services sector) will achieve it and will want to shoot for a trillion (dollars).”

Commenting on the collaboration between India-US, Goyal said India has a lot of complementarities and competitive advantage niches with US. While US excels in innovation, research, technology, and quality education, India has intelligent and skilled manpower.