India’s strengths to be showcased
After launching the “Make in India” initiative aimed at the manufacturing industry, Prime Minister Narendra Modi is set to initiate a big push for the services sector in April.
Mr. Modi will inaugurate a global exhibition on services on April 23 to showcase India’s strength in the sector and provide a platform to the industry to explore opportunities, Commerce and Industry Minister Nirmala Sitharaman told presspersons here on Tuesday.
“Services must grow alongside manufacturing as the services sector contributes over 50 per cent to the country’s economic growth.”
Over 40 countries are expected to participate in the three-day exhibition. Besides IT, big opportunities exist in tourism, wellness, yoga, healthcare, education, logistics, media and entertainment, R&D, space and hospitality, she said.
India’s rank in the global exports of services improved from the 11th in 2009 to the sixth in 2013. Still, there is tremendous scope as India’s share in the global services trade is only 3 per cent, compared with 4.6 per cent of China, Commerce Secretary Rajeev Kher said.
Vital role
The services sector has an important role to play in the success of “Make in India,” he said. “Unless we are competitive in services, we will not be competitive in merchandise.”
India ran a net surplus of $73 billion in services trade during 2013-14 as exports exceeded imports. The surplus in services helped provide for some part of the trade deficit in merchandise of $138 billion.
Over 40 countries to take part in three-day global exhibition
After launching the “Make in India” initiative aimed at the manufacturing industry, Prime Minister Narendra Modi is set to initiate a big push for the services sector in April.
Mr. Modi will inaugurate a global exhibition on services on April 23 to showcase India’s strength in the sector and provide a platform to the industry to explore opportunities, Commerce and Industry Minister Nirmala Sitharaman told presspersons here on Tuesday.
“Services must grow alongside manufacturing as the services sector contributes over 50 per cent to the country’s economic growth.”
Over 40 countries are expected to participate in the three-day exhibition. Besides IT, big opportunities exist in tourism, wellness, yoga, healthcare, education, logistics, media and entertainment, R&D, space and hospitality, she said.
India’s rank in the global exports of services improved from the 11th in 2009 to the sixth in 2013. Still, there is tremendous scope as India’s share in the global services trade is only 3 per cent, compared with 4.6 per cent of China, Commerce Secretary Rajeev Kher said.
Vital role
The services sector has an important role to play in the success of “Make in India,” he said. “Unless we are competitive in services, we will not be competitive in merchandise.”
India ran a net surplus of $73 billion in services trade during 2013-14 as exports exceeded imports. The surplus in services helped provide for some part of the trade deficit in merchandise of $138 billion.
Over 40 countries to take part in three-day global exhibition
Source - The Hindu
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