Services trade crucial in Indo-US ties: Goyal

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Piyush Goyal informed that the total Services Exports from India to the world was $17 bn in 2001-02 and has now leapfrogged to $ 205 bn in 2020-21, registering a 12-fold increase….reports Asian Lite News

Services trade will play a very important role in the ever-expanding relations between India and the United States, Union Commerce and Industry Minister Piyush Goyal has said.

“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 while addressing the ‘2nd Indo-US Services Summit’.

The meet was organized in virtual mode by the Indo American Chamber of Commerce (IACC) on Sunday.

The Minister informed that the total Services Exports from India to the world was $17 bn in 2001-02 and has now leapfrogged to $ 205 bn in 2020-21, registering a 12-fold increase.

According to the Minister, India is also rapidly progressing to become one of the world’s largest digital markets.

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Hospitality, Fintech, Agritech, Entertainment, Accountancy, Law, Cyber security, Healthcare & tourism etc. are some of the areas where India and US can cooperate with mutual benefits.

“India & US are two natural partners and our relationship has stood the test of times due to our shared values of equality, liberty and democracy” he said.

Goyal recalled the Y2K challenge two decades back and how the Indian talent helped US deal with it and how the world started noticing India’s skills, capabilities and commitment like never before.

“It changed the perception of India,” he 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 Start Up Unicorns, Goyal said the entrepreneurial spirit of young Indians will place the country in the forefront.

Goyal applauded the good work by 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.

He appreciated the efforts taken by the IACC for choosing such a relevant topic at such crucial times when the world is fighting the Pandemic. “The IACC who has always been at the forefront of strengthening the Indo US relations has initiated this dialogue at a very critical time,” he said.

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