Target to take service exports to $450 billion in the next financial year: Goyal

Referring to the good growth of the country’s service exports, Commerce and Industry Minister Piyush Goyal said on Thursday that the sector should aim to reach $450 billion in the next financial year, surpassing merchandise exports. Goyal admitted that the merchandise trade is facing many challenges in the current global situation. Addressing the inaugural session of ‘NASSCOM Global Confluence 2025’ here, he said that the service sector should aim to export $450 billion in FY 2025-26 and about $385-390 billion this financial year. Goyal said, “You should surpass merchandise exports next year. The data shows that the growth in the services sector has been very fast.” The country’s service exports stood at $341 billion in FY 2023-24. Service exports grew 14.1 per cent to $354.9 billion in the first 11 months of the current financial year. In contrast, merchandise exports declined by 3.1 per cent to $437 billion in 2023-24. Merchandise exports grew 0.06 per cent to $395.6 billion in the current financial year till February. The Commerce Minister said, “We should aspire for more aggressive targets. It is possible to achieve 15-18 per cent growth in service exports as new technologies are being introduced and more number of Global Competence Centers (GCCs) of multinational companies are opening in the country. Goyal said that as per the last count, the number of GCCs operating in India has increased to 1,650.