India formulating standards for services sector: Piyush Goyal

Commerce and industry minister Piyush Goyal on Saturday said that India is formulating standards for the services sector so that the country can have high quality of services which it offers to the rest of the world.

He said that India is rapidly progressing across sectors such as healthcare, home delivery, telecom and technology.

“In India we are formulating standards for the services ecosystem so that we can have a very high quality of services which we offer to the rest of the world,” Goyal said at the IACC-NIC’s second Indo-US Services Summit, adding that the country is also rapidly progressing to become one of the world’s largest digital markets be it fin tech, edutech, and telemedicine.

India’s services exports were $17 billion in 2001-02 which jumped to $205 billion in 2020-21.

“Our half a trillion bar is not far away. I am sure you will achieve it… A trillion dollars is possible, it is doable and now is the time you plan for that,” Goyal said.

On legal services, he said that Indian lawyers are top class and India has a huge opportunity opening up for them across the globe.

“We can make sure that we can provide adequate safeguards for the lawyers in the lower courts and larger ecosystem in the legal profession but we will certainly engage with you (experts) and other luminaries. I think we have already set up a committee with the law ministry to examine this issue in greater details,” he added.

On India-US partnership, Goyal said that the US is the hub of innovation, technology, research and quality education while India has skilled and intelligent manpower at competitive prices.

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“On the geo political front, India and the US are working very closely together to provide peace and stability both in the region and across the world,” he said, adding that in post Covid-19 world, restoration of livelihoods will be the first and most important step to recovery.

“Our services sectors will be far more resilient, reliable, robust and it will be at the forefront of economic recovery in a post-Covid world…Currently we are looking at a massive growth,” he said.

Goyal said that in the last 15 months, India has met all its service commitments across the world without fail and that the country’s services export last year were 97% of the previous year.



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