India’s IT and Services Sector Poised for $450 Billion Export Boom, Says Commerce Minister Piyush Goyal at Global Confluence 2025

Shri Goyal emphasized that the IT and IT-enabled services (ITES) sector continues to be a major force behind India’s economic resilience.

Recognizing the rapid expansion of Micro, Small, and Medium Enterprises (MSMEs) in key sectors such as Information Technology (IT), tourism, business accounting, and financial services, Union Minister of Commerce & Industry, Shri Piyush Goyal, highlighted their pivotal role in strengthening India’s services exports and driving job creation. Speaking at the prestigious Global Confluence 2025, an industry summit organized by Nasscom in New Delhi, the Minister expressed optimism about India's capability to achieve a record $450 billion in services exports in the upcoming financial year.

Shri Goyal emphasized that the IT and IT-enabled services (ITES) sector continues to be a major force behind India’s economic resilience. Last year, services exports reached approximately $340 billion, with IT and ITES contributing nearly $200 billion. This year, projections indicate that services exports will rise to between $380 billion and $385 billion, further strengthening India's footprint in global trade.

India’s Expanding Global IT Dominance

The Minister reaffirmed India's position as a global hub for digital services, innovation, and emerging technologies. He acknowledged the dynamic contributions of Nasscom in promoting digital transformation, fostering startups, and creating a globally competitive IT workforce.

Shri Goyal underscored how emerging technologies such as quantum computing, artificial intelligence (AI), and machine learning (ML) are revolutionizing the industry. He lauded Nasscom for cultivating a culture of continuous upskilling and learning, ensuring that India’s IT sector remains at the forefront of technological advancement.

He also addressed the necessity of attracting Global Capability Centers (GCCs) to India, positioning the country as a top destination for multinational firms seeking cutting-edge solutions and talent. Encouraging companies to set up operations in India instead of outsourcing talent to foreign locations, Shri Goyal emphasized that retaining a skilled workforce domestically would bolster foreign exchange earnings and fuel domestic economic growth.

The Virtuous Cycle of IT-Led Economic Growth

Discussing the broader economic implications of a booming IT sector, the Minister highlighted how India’s growing middle class and increasing consumption levels create a ripple effect across multiple industries.

“The IT-led economic expansion drives increased demand for commercial real estate, housing, retail, and urban infrastructure development. This is a virtuous cycle of growth where a thriving services sector strengthens the entire economy,” he said.

The Minister also noted that Tier-2 and Tier-3 cities are rapidly emerging as IT hubs, helping to decentralize economic growth while ensuring equitable opportunities for smaller enterprises and startups. With increasing digital adoption and policy support from the government, these regions are poised to become the next major growth engines of India’s IT ecosystem.

Government’s Commitment to Global Partnerships & Market Expansion

Reiterating the government’s strong commitment to expanding international trade, Shri Goyal pointed to ongoing Free Trade Agreements (FTAs) and strategic bilateral collaborations as key enablers for India’s IT growth.

“Several global markets are eager to welcome Indian technology firms and professionals. The government is actively working to secure favorable trade policies that create seamless business opportunities for IT service providers and MSMEs,” he said.

The Minister also highlighted recent efforts to strengthen digital trade partnerships, particularly with key markets such as the United States, European Union, Australia, and ASEAN nations. Such collaborations aim to streamline regulatory frameworks, enhance cross-border data flows, and facilitate smooth business operations for Indian firms.

Reskilling and Workforce Preparedness for Future Growth

Acknowledging the rapidly evolving nature of the IT industry, Shri Goyal emphasized the importance of reskilling and retraining professionals to keep pace with global trends.

“Nasscom plays an omnipresent role across industries, and it is imperative that we focus on continuous reskilling and workforce adaptability. India’s talent remains one of its biggest strengths, and we must ensure that our IT professionals are future-ready,” he noted.

The Minister also called on educational institutions and industry leaders to collaborate on developing specialized programs in AI, cybersecurity, cloud computing, and blockchain technology, ensuring that the workforce is equipped to meet global demands.

India’s IT and MSME Sector: Pioneers of the Amrit Kaal Vision

In his concluding remarks, Shri Goyal reaffirmed confidence in India’s IT sector and MSMEs as key drivers of economic transformation in the Amrit Kaal—India’s vision for a developed and self-reliant nation. He expressed optimism that through collective efforts, India will continue to emerge as a dominant player in the global digital economy.

“With innovation, resilience, and a strong digital infrastructure, India is well-positioned to not only achieve its $450 billion services export target but also set new benchmarks in global technology leadership,” he said.

As India strengthens its position as a global IT powerhouse, businesses, policymakers, and industry stakeholders must work in unison to foster sustainable growth, investment, and international collaborations, ensuring long-term prosperity for the nation.