Government identifies 12 services sectors which can attract global investors
What's the story
While inaugurating the Global Exhibition on Services at Mumbai, President Ram Nath Kovind said that government has identified 12 "champion" sectors, including IT and tourism, which hold huge potential to attract global investors.
The investment would promote India's economic growth and generate jobs, he said.
In February, the central government had set up Rs. 5,000cr dedicated fund to promote these champion services sectors.
12 champion sectors
Names of the 12 'champion' services sectors
The 12 sectors include Medical Value Travel, Transport and Logistics, Accounting and Finance, Audio Visual, Legal, Communication, Construction and Related Engineering, Environmental, Financial and Education.
Service sector contributes 61% in gross value.
Services like finance, business and professional, and R&D among others accounted for 57% of cumulative FDI inflows since April 2000.
Kovind launched India Services logo and a portal on these champion sectors.
GDP growth
India hopes to double GDP to $5 trillion by 2025
"India's global services exports stood at 3.4% in 2016, while the target is 4.2% by 2022," Kovind said.
By 2025, India hopes to double the size of its GDP to $5 trillion, of which the services sector could be a $3 trillion contributor, he added.
"Out of this number, the government estimates that Internet economy, incorporating e-commerce could contribute $1 trillion," he said.
Culture of entrepreneurship
Some start-ups would become gianta in coming years
Kovind said programs such as Start-up India and Mudra Yojana have seeded a culture of entrepreneurship.
President Kovind was confident some of these start-ups will grow into giants in coming years.
"A billion mobile phone users; 500 million citizens on Internet; and a determined push for financial inclusion using technology as well as for digital payments have collectively deepened India's services story," he added.