India working on a strategy to boost IT, tourism and others service sectors

Saturday, March 24, 2018

The government of India is working on a strategy for improving share of services, which will grow faster than merchandise exports raising the total exports from the country, according to commerce and industry minister Suresh Prabhu.

To quote Prabhu, “In last few months, we are seeing exports registering growth. We are targeting to ensure that exports are not only traditional products, but new products are also added to the basket. We are focusing on services and have identified 12 services as ‘Champion Services’.”

The minister said that the government has already approved Rs. 5,000 crores for promoting 12 champion services sectors such as IT, tourism and hospitality. He said that an action plan has been developed for each of these sectors for promoting them domestically as well as globally.

Mr. Prabhu said that the services sector will play a pivotal role in pushing the country’s economic growth and the tourism industry must focus on delivering services of global standards.

 
“The chemical sector is expected to double to $300 billion by 2025, clocking an annual growth rate of 15-20 per cent. To achieve this, government is also working on a draft chemical policy that will focus on meeting the rising demand for chemicals and reduce imports,” chemicals export promotion council (Chemexcil) chairman Satish Wagh said.

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