With its young population, large talent pool and comfort with technology, India has natural advantages in the services sector and can provide even more services to the world, stated Hon’ble President of India, Shri Ram Nath Kovind in Mumbai recently. He was inaugurated the 4th edition of the Global Exhibition on Services, organized by the Department of Commerce, Ministry of Commerce & Industry, Government of Maharashtra, Confederation of Indian Industry (CII) and Services Export Promotion Council (SEPC).
Technology is enabling services providers to go national or global, added the President, stating that the advent of the digital economy and the 4th Industrial Revolution marks a new synergy of technology and services in other sectors such as agriculture. He noted that recent reforms such as the Goods and Services Tax (GST), ease of doing business and liberal FDI policies have greatly helped the Indian services sectors to grow. India has set a target of reaching 4.2% in global services exports from the current 3.4%, he added.
The President launched the 12 Champion Services Sectors which have been identified as focus sectors for services exports. The Champion Sectors include India’s leading service sectors such as IT & ITeS, Tourism/Hospitality and Healthcare, infra & construction, education, banking & financial services, environment, legal, media & entertainment, accounting & finance, transport & logistics and communications. The Champion Sectors have been identified by the Ministry of Commerce and Industry, Government of India, as focus sectors for expanding their export potential, attracting investment, raising incomes and generating employment.
‘India Services’, a new brand for Indian services exports, was launched at the inaugural of GES 2018. The brand consists of the national bird, the peacock, a powerful visual symbol of India’s array of services offerings. A dedicated portal www.indiaservices.in, was also launched to provide information and connectivity to services sectors.
Shri Suresh Prabhu, Minister of Commerce & Industry and Civil Aviation, said that India has the advantage of offering both traditional services such as Yoga and Ayurveda as well as emerging technology such as artificial intelligence. The Government is working with the WTO to facilitate services sector exports, he said, adding that professionals should be able to move across the globe freely. The Government is also working on a state-wise plan to develop services exports.
Shri Devendra Fadnavis, Chief Minister, Maharashtra, stated that India will be a US$ 5 trillion economy by 2025 and Maharashtra is working towards becoming India’s first state with a US$ 1 trillion economy. The state’s services sectors will be a key to achieving this, he emphasized. He highlighted Maharashtra’s thriving services sectors such as film industry, tourism and hospitality.
Smt Rita Teaotia, Secretary, Commerce, highlighted sectors where India can build services exports such as IT and ITeS, healthcare, media and entertainment, etc. India enjoys multiple advantages in the emerging technology-led services space.
Shri Anup Wadhawan, Special Secretary, stressed that the Government has recognized that India has the potential to become a global power house in sectors other than IT and ITES.
Mr Rakesh Bharti Mittal, President, CII, said that India@75, when the country commemorates 75 years of its nationhood in 2022, can vastly diversify its services exports. “Indian industry looks for open markets, facilitative mobility of workers, easy work regime, and strong engagement on the global services space,” he added.
Industry leaders representing each of the 12 Champion Services sectors highlighted opportunities in these sectors, including Mr Uday Kotak, President-Designate, CII.
GES 2018 to be held over 4 days would have 40 seminars and knowledge events. The exhibition has almost 650 exhibitors and about 500 delegates from more than 100 countries as well as participation from 25 states of India.