What’s in the news?
- Union Minister of Commerce & Industry Piyush Goyal has assured leaders of India’s top IT companies that the Central government will give full support to the sector to accelerate growth and help India’s Services exports soar to $1 trillion in a decade.
- Goyal said India was on track to achieve its merchandise exports target of $400 billion this year, while Services exports were likely to be about $240 billion to $250 billion, which is much lower, but can grow rapidly and catch up with merchandise exports.
- Goyal welcomed the IT industry’s proposal to start IT hubs in Tier-2 and Tier-3 towns, which would create numerous jobs and help develop the regions. He said the IT industry should identify the towns, and the Centre would assist them in providing all the necessary infrastructure and facilities.
- He said the IT industry can make a big contribution to Services exports by focusing on new technology and products that can make India a bigger global player in the sector.