Target of achieving $1 trillion service and merchandise export by 2030 is achievable: Piyush Goyal

The target of $1 trillion merchandise export and $1 trillion services export by 2030 are very much possible, considering the wonderful skill set available in the country, Piyush Goyal, Minister of Commerce and Industry on Tuesday said while speaking at the Global Service Conclave organised by the industry body Service Export Promotion Council.

“I think we have lot of opportunities in services exports; there is huge scope in educational services, health care services, managements and business services and legal services. From my perspective, we should aim for $500 billion by 2025-2026 and $1 trillion by 2030,” he said.

Goyal explained how service exports have risen in the last few years. He said the service export in year 2000 was at $10 billion while merchandise exports stood at $45 billion. “In 2015-2016, the services exports rose to $144 billion, while goods exports rose to $266 billion. In 2021, the services exports rose to $206 billion. I think there should be a race to the top between goods and services exports,” he added.

Talking about his experience, Goyal said, “My 7.5 years of experience in the government tells that any sector which tried to ride on the back of subsidies clearly [has] not flourished. My first success story was in LEDs, and the first decision was to remove the subsidies, today the world acknowledges India’s contribution in the energy efficient lighting. It was all the private sector inititiative, no government involvement beyond initial support of marketing was there.”

Goyal emphasised more on providing enabling ecosystem for the facilitation of exports. “I think we should focus on the future, exporters should ask the government for the support in terms of faster clearances, better exchange rates, and should tell us how we can become a good facilitators or enablers.”

He went on to add that we should capture the world and focus on our capabilities. “I say this to goods exporters as well, that it is possible, we will not be competitive in some categories,that is fine, it would not be the end of the world,” Goyal said.

He urged exporters to capture the market, focus on our strengths and said that Indian strength is in services so let’s leverage it.

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