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Govt to float new strategy to up share of services in exports basket

By TIOL News Service

NEW DELHI, DEC 20, 2017: THE Commerce Minister, Mr Suresh Prabhu, yesterday said that the Govt is on the job to formulate a new strategy to enhance the share of services in the export basket. He spoke at an event organised by the CII.

According to the Minister, services exports has the potential to rise faster than goods exports. He stated that Indian Industry needed to identify the markets that they wanted to export to and the Department of Commerce would work on Market Access issues there. He was of the view that India needed to identify new services which had tremendous export potential e.g. healthcare and financial services and within that develop new products which could be exported. He suggested that sectors such as IT should look at developing newer markets such as Latin America as markets such as US and Europe were becoming saturated.

He stated that with manufacturing becoming increasingly automated, it was services that would lead the country in terms of employment generation. He pointed out that even manufacturing had a services component to it.

According to Mr. Uday Kotak, Vice President, CII and Chairman, CII National Council on Services, the services sector contributed 60% of India’s GDP, 30% of India’s exports and just 30% of India’s jobs. He was of the view that measures need to be taken to step up the share of jobs to 40%. He felt that the service sector become the “job creation engine” for the Indian economy.


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