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Champion Sectors
The services sector represents a vibrant and expanding component of the global economy. Today, services dominates in terms of employment, value addition, productivity and innovation. The pace of technology is intensifying the contribution of services in other sectors – including agriculture, infrastructure and manufacturing. It would not be an exaggeration to say that services forms the backbone o
The services sector represents a vibrant and expanding component of the global economy. Today, services dominates in terms of employment, value addition, productivity and innovation. The pace of technology is intensifying the contribution of services in other sectors – including agriculture, infrastructure and manufacturing. It would not be an exaggeration to say that services forms the backbone of the 21st century global economy.
In India, the services sector contributes 61 per cent in gross value added. With its young population, large talent pool and comfort with technology, India has natural advantages in the sector and is set to become even more of a provider of services to the world. India’s global services exports stood at 3.4 per cent in 2016.
I am given to understand that the target is a 4.2 per cent share of global services by 2022. And frankly that is only the tip of the iceberg.By 2025, only seven years from now, India hopes to double the size of its GDP to US$ 5 trillion. The services sector could be a US$ 3 trillion contributor. And of that number, the government estimates that the Internet economy, incorporating e-commerce and other applications, could be as high as US$ 1 trillion. This is a pointer to the increasing integration of services and technology.
As part of a strategy to boost the services sector, the Union Cabinet chaired by Prime Minister Narendra Modi on 28th February this year approved the proposal of the Department of Commerce to give focused attention to 12 identified Champion Services Sectors for promoting their development, and realising their potential. These include Information Technology & Information Technology enabled Services (IT &ITeS), Tourism and Hospitality Services, Medical Value Travel, Transport and Logistics Services, Accounting and Finance Services, Audio Visual Services, Legal Services, Communication Services, Construction and Related Engineering Services, Environmental Services, Financial Services and Education Services.
The Cabinet has also directed the Ministries/Departments concerned with these sectors to utilise the available draft sectoral plans to finalize and implement the action plans for the identified Champion Services Sectors. A dedicated fund of Rs 5000 crore has been proposed to be established to support initiatives for sectoral Action Plans of the Champion Sectors.The new industrial policy, which seeks to promote emerging sectors, will be released within a few months.
