Piyush Goyal says FTAs will help services trade

Commerce minister Piyush Goyal has called for intelligent and smarter ways to integrate in the global economy to enable India to make the best use of the opportunities in services trade.

"There comes a time in the development journey of every country when the country defines itself afresh and pushes toward new resolutions. Today that time has come. We need to now aim to go international and the free trade agreements (FTAs) are opening doors to the services sector as well," Goyal said.

Speaking at Global Services Export Conclave organised by the Services Export Promotion Council (SEPC), in collaboration with the Consulting Engineers Association of India in Delhi on September 15, the minister said that India’s services sector has seen 55% growth in just 2 years and India should think smart, go global and seamlessly merge into international systems. "We need to collaborate with stakeholders worldwide and grab opportunities for the sector."

The minister said the government should also identify countries where there are restrictive practices that don't give Indian talent the opportunity to bid or to participate in opportunities related to engineering services.

He called for different levels of engineering qualifications to cater to the needs of the engineering services sector. "The time has come for our engineering sector to have levels of engineers like generalists, specialists and a skilled workforce that supports them. Once we have this complete eco-system in place, we will be able to achieve the $100 billion target on engineering services, design, construction and R&D by 2030," Goyal said.

"India's services sector is the powerhouse of our economy, and it plays a pivotal role in our global positioning. It will not only enhance our presence on the global stage but also set a roadmap for sustainable growth, benefitting both our nation and the global community," Abhay Sinha, Director General, SEPC, said.

"The Global Services Export Conclave exemplifies India's commitment to promoting sustainable energy, transportation, and infrastructure services. As we work towards a more connected and greener world, together, we are defining a roadmap for growth that will benefit businesses and contribute to India's global prominence," Karan Rathore, Vice Chairman, SEPC said.