On 31st July, 2021, the Commerce Minister PiyushGoyalsaid that India and the US are “natural partners” and services trade will play a crucial role in business tieswhich are always expanding. The minister added that the services sector provides lots of aids to India’s economic recovery in the post Covidera.
Addressing the ‘2nd Indo-US Services Summit’, organised by Indo American Chamber of Commerce (IACC)he stated that “India and the US are working towards peace and stability across the world.”
The services tradewill play a very significant role in the two countries’ ever expanding relations, Goyal expressed.
“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,” he also added.
Mentioning that “India’sservices exports are back to 97% of the previous year”, he noted that 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.
Additionally, the minister explained thatin 2001-02 thetotal services export from India to the world was USD 17 billion,that this figure has now reached to USD 205 billion in 2020-21, registering a 12-fold increase.
“When we talk of India-US partnership, we each have areas of strengths where we excel. The US is a hub of innovation, technology, research and quality education. India has skilled and intelligent manpower at competitive cost. Uniting our strengths will create an unbeatable combination,” he stated.
Moreover, he said that India is also rapidly progressing to become one of the world’s largest digital markets.