Exports Figures Will Be Boosted By Government By Motivating 12 Dominating Service Sectors
The government is working on a strategy to increase the service sector share in total exports. Commerce and Industry Minister Suresh Prabhu says that exports of services will increase faster than exports of goods. In today’s inauguration program of CapIndia, Prabhu said, “During the last few months the export is growing. We are trying to ensure that not only traditional products are exported, but new products should also be added to it. We are focusing on services now. Total 12 services have been identified champion services.”
Prabhu said that the government has sanctioned Rs 5,000 Crore for the promotion of total 12 champion service areas such as hospitality, tourism and IT. He said that this decision would push the service economy of the country. We have prepared an action plan for promoting each sector in the global market besides domestic.
The Minister said that the services sector has an important role in promoting the economic growth of the country. The industry should focus on providing world-class services. Prabhu said that the chemical sector of the country has the potential to enlarge. To meet the export demand, there should be capacity building in this area.
According to Chemexcil report, the chemical industry of the country will double by 2025 to $ 300 Billion, which is just $ 147 Billion at present. He said that the Ministry is making agriculture export policy which will be made public and shareholder’s opinion will be taken into it. He said that the Ministry of Civil Aviation is planning to facilitate air freight for the agriculture hub, thereby increasing agricultural exports. The United Arab Emirates and Saudi Arabia have expressed their aspiration to invest in it.
The government initiative to encourage international trade is also expected to push the Indian economy at a stable position which is at present in the confused state.