IT giants apprise Piyush Goyal on issues of market access and non-tariff barriers in China
New Delhi, Aug 2 (KNN) Indian Information Technology (IT) giants like TCS, HCL and Infosys have apprised Union Commerce and Industry Minister Piyush Goyal about market access issues and non-tariff barriers in China.
During the discussion, the managers of the company informed the Minister that the IT companies are unable to grow their businesses in China because of several non-tariff barriers and other challenges.
The meeting was attended by senior managers of TCS, Satyam Venture Engineering, HCL, NIIT Tech, Infosys, Invento Robotics, Tech Mahindra and Wipro.
The Minister asked National Association of Software and Services Companies (NASSCOM) and managers of the companies for sharing the data regarding non-tariff barriers that industrialists are facing in China and other markets of East Asia.
“We would take all the efforts to engage with Japan, Korea, and China and facilitate the IT industry, Indian Government would support the growth of the country. In the financial year 2016-17, IT industry contributed a total of 7.7 percent to the country's GDP 2016-17 which is expected to get a contribution of 10 percent in total GDP by 2025, Goyal said during the meeting”.
Goyal urged from the top five Indian IT firms to create a corpus which will be spent on training manpower in languages like Mandarin, Japanese and Korean to ease the access of markets in these countries.
The Minister further said, “In 2018-19, IT and ITeS industry of India grew to USD 181 billion in 2018-19. Exports from the industry increased to USD 137 billion in fiscal year 2018-19 while domestic revenues (including hardware) hiked to USD 44 billion.