Services trade critical to boost ‘ever expanding’ Indo-US biz ties: Goyal

Addressing the ‘2nd Indo-US Services Summit’, organised by Indo American Chamber of Commerce (IACC) on Saturday, Goyal also said that the services sector holds a lot of promise in aiding India’s economic recovery in the post Covid period.

Commerce Minister Piyush Goyal said India and the US are “natural partners” and services trade will play a critical role in ever expanding business ties.

Addressing the ‘2nd Indo-US Services Summit’, organised by Indo American Chamber of Commerce (IACC) on Saturday, Goyal also said that the services sector holds a lot of promise in aiding India’s economic recovery in the post Covid period. “India and the US are working towards peace and stability across the world.”

He added that the will play a very important role in the two countries’ ever expanding relations. “India and the US are two natural partners and our relationship has stood the test of time due to shared values of equality, liberty and democracy.” India is now moving beyond a “low-cost service provider” to a “high value added partner” and the back offices in India are evolving into brain offices, Goyal said, adding “our services exports are back to 97 per cent of the previous year”.

He also said total services export from India to the world was $17 billion in 2001-02 and it has now jumped to $205 billion in FY21, registering a 12-fold rise.

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