Tag: Piyush Goyal

Piyush Goyal, BFSI News, ET BFSI

Personal Finance

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New Delhi [India], November 10 (ANI): Terming the ‘Services’ sector as the key driver of India’s economic growth, Union Minister Piyush Goyal on Tuesday said that India is poised to achieve the Services Export target of USD 1 trillion by 2030.

Goyal while speaking at the ‘ Export PromServicesotion Council- Global Services Conclave 2021′ at the national capital said, “Services sector provides employment to nearly 2.6 crore people and contributes approximately 40 per cent to India’s total global exports. The services trade surplus was USD 89 billion in FY 2020-21 and it has been the largest FDI recipient.”

Lauding India’s commitment to enabling ‘work from Home‘ during the pandemic, Goyal said “While services trade remained depressed in other countries, India’s services sector showed immense resilience. Sectors like tourism and hospitality, which suffered due to COVID-19 is showing revival signs” he said.

The Union Minister also highlighted the central government’s initiatives Aatmanirbhar Bharat Package, collateral-free Automatic Loans for Businesses and MSMEs and initiatives in Skill development and said, “Rs 56,027 crore was released under various Export Promotion schemes.”

The theme of the Global Services Conclave 2021 was ‘India Serves: Exploring Potential Growth Sectors Beyond IT/ITes’.



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DGFT’s ‘Trade Facilitation’ mobile app to promote exports

Banking & Finance

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Exporters and importers in India can now have access to a mobile app that is aimed at providing easy, omni-channel access to various trade related processes and enquiries at the touch of a button.

Commerce & Industry Minister Piyush Goyal launched the Directorate General of Foreign Trade (DGFT) India’s ‘Trade Facilitation’ mobile app on Monday to promote ease of doing business and provide quick access to information to importers/exporters.

Real-time updates

The Minister said the Trade Facilitation app was ready for ‘Industry 4.0’, as it provided real-time trade policy updates, notifications, applications, status alert and tracking help requests. It explored item-wise export-import policy and statistics and tracked IEC portfolio. It also provided AI-based round-the-clock assistance for trade queries.

In the post-Covid world, tech-enabled governance will play a key role in determining India’s growth and competitiveness, said Goyal. “We desire to move towards paperless, automated processing systems, simple procedures for trade players, online data exchange between departments, digital payments and acknowledgements,” he added.

The DGFT is standing up for businesses as a true leader with e-issuance of certificates and QR scan process to validate documents, Goyal said. It will significantly contribute to achievement of India’s export target of $1 trillion by 2025 and GDP target of $5 trillion, he added. For advanced app development, more inputs and ideas of stakeholders should be invited, the Minister said.

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