New delhi: Union Finance Minister Arun Jaitley has stressed the need for creation of jobs in the services and manufacturing sector so that the large segments of under-employed population in the agriculture sector could get meaningful employment.
The Finance Minister Jaitley highlighted the importance of the Services sector exports to compensate for the deficit in the merchandise exports. The Finance Minister said that the Government is making efforts to raise the share of manufacturing sector from 15% to 25% of GDP.
Highlighting the sectors of the economy that could spearhead the growth in the services exports, the Finance Minister said that the Indian pharmaceutical sector has the potential of providing global quality health care in a very cost effective manner. Noting that there was an abundance of quality scientists and research professionals, Jaitley stressed that India could become a hub for setting-up of R & D sectors.
Noting that tourism sector needed a push by providing quality hotels, faster domestic travel, easier visa/visa-on-arrival/E-visa facilities and cleaner trains etc., the Finance Minister said the tourism sector could be a driver of services export from India. Arun Jaitley noted that in the entertainment sector, 1/6th of the global eyeballs emanated from India and hence there was an immense scope for services export from this sector.
The Finance Minister highlighted that India could become a regional hub for providing quality education. Earlier, delivering the special address, the Minister of State (I/C) for Commerce and Industry Nirmala Sitharaman said that there was an immense untapped potential in the services sector that needs to be harnessed for increasing the share of India’s export in the global services arena.
The Commerce Minister listed the sectors of entertainment, wellness, hospitality and professional services that could provide a suitable platform for services export from India. Sitharaman said that the two-day Services Conclave shall provide valuable inputs to the Ministry for further push to services exports.
Services Conclave 2014, is the second edition of the ongoing initiative of the Union Ministry of Commerce & Industry and Confederation of Indian Industry (CII). The Conclave shall have 11 plenary sessions, each devoted to either a specific sector or a challenge domain. The Conclave assumes importance against the backdrop of increasing share of the services sector in the GDP, which stands at 57 per cent in 2013-14 and is increasing.