President Pranab Mukherjee today called for addressing policy issues and capacity building to increase the country's share in global services export.
In his inaugural address of the 3rd Global Exhibition on Services 2017, the President said global services trade is challenged by multiple issues relating to legal, economy or political spheres.
"Encouraging greater trade in services globally requires us to address policy matters such as access and facilitation through trade negotiations, transparency, dispute resolution and capacity building," Mukherjee said.
India's share in global services export increased to 3.3 per cent in 2015, the President said.
Highlighting the country's strength in the services sphere, he said India which can place 104 satellites in space from a single launch vehicle, provides successful medical surgeries at a fraction of the cost in advance economies, and emerges as the largest film producer in the world, has the potential to offer immense value to global services consumers.
"Our services sector is helping global businesses, and increasing competitiveness and supporting jobs across the world," the President said.
He further said that it is noteworthy that pattern of India's services export is somewhat different from the global profile of service export reflecting its inherent advantages in knowledge based sub sectors.
The government has recently initiated a range of key development campaigns aimed at unleashing new growth sectors that are further driving India's services sub sectors, he said.
"The Jan Dhan Yojna for financial inclusion...Less use of cash in the economy are shaping a new services dimension in the country and boosting sectors such as banking and finance, cyber security and ecommerce," Mukherjee added.
The President told the global audience that India can be a key partner for emerging services such as event and exhibition, urban infrastructure and environmental services.
Many of these services, he said, can be delivered from India to offshore locations.
The President also released a stamp on the Global Exhibition on Services (GES).
About 550 domestic and foreign exhibitors are showcasing their products at the Global Exhibition on Services (April 17 -20) at Greater Noida here.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)