Govt announces Rs 50 bn fund to jumpstart growth in 12 key services sectors

Export competitiveness and job creation in IT, logistics, hospital and other sub-sectors targeted

The government on Wednesday announced a dedicated fund to the tune of Rs 50 billion to support sustained growth in 12 key services sectors apart from initiating reforms to make them more competitive and export-oriented.

The decision to identify 12 specific sub-sectors such as Information Technology and IT-enabled Services, Tourism and Hospitality Services, Medical Value Travel, Transport and Logistics Services, among others, as 'Champion Services' was taken by the Cabinet on Wednesday. 

Contributing heavily to the national GDP, exports and job creation, reforms in the services sector had been ordered by the Prime Ministers office. Sectoral action plans will be