The services sector represents a vibrant and expanding component comprising employment, value addition, productivity and innovation and hence forms the backbone of the 21st century global economy, President Ram Nath Kovind said here on Tuesday.
Inaugurating the 4th Global Exhibition on Services, he said in India, the services sector contributes 61 per cent in gross value added and with a 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.
"The pace of technology is intensifying the contribution of services in other sectors, including agriculture, infrastructure and manufacturing. The launch of 12 Champion Sectors is a bold new step that will contribute to both India's economy as well as the global economy and create jobs," Kovind added.
He said the early Industrial Age and traditional manufacturing economy created jobs in factories and encouraged entrepreneurship in the form of ancillary units and workshops.
"Today, we are looking at small but exciting start-ups in the services space. Technology has emerged as an enormous enabler and allowed local services companies to go national and even global.
"In India, which is the third largest centre of start-ups in the world, this has thrown up a generation of young entrepreneurs of men and women with hunger and ambition," the President pointed out.
In this context, he said the government's programmes like Start-up India and Mudra Yojana which has provided capital to 120 million grassroots businesses have seeded a culture of entrepreneurship, largely in services, and hoped that these would grow into giants in the near future.
Union Minister for Industry Suresh Prabhu announced the 12 Champion Services Sectors -- Banking and Finance, Tourism and Hospitality, Transport and Logistics, Media and Entertainment, Healthcare, Construction Industry, Legal Services, Environment, Accounting and Finance, Education, IT and Communication and Sports.
He said these would create huge employment opportunities not only in India but all over the world through Global Supply Chain and Global Value Chain.
Saying the Indian economy was growing faster than the global economy, Chief Minister Devendra Fadnavis stressed that Maharashtra will create an ecosystem for this sector to create huge employment potential.
Around 500 delegates from 100 countries are participating in the four-day 4th GES organised by the Ministry of Commerce and Industry, the Maharashtra government, the Confederation of Indian Industry and the Services Export Promotion Council.
Present were Maharashtra Governor C.V. Rao, Commerce Secretary Rita Teaotia, CII President Rakesh Bharati Mittal and other dignitaries. Kovind released an India Services Book and a portal to mark the occasion.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)