Would target $300 bn services exports in 2022-23: Export promotion council

SEPC looks to set an export target of 300 billion for 2022-23 as it expects resumption of regular international travels and other business activities in the coming time

The Services Export Promotion Council (SEPC) looks to set an export target of USD 300 billion for 2022-23 as it expects resumption of regular international travels and other business activities in the coming time, its chairman Sunil H Talati has said.

He said that by the end of this fiscal, services exports would reach USD 240 billion.

"With the hope of Covid-19 waning away soon, resumption of regular international travels and slew of activities toward business connectivity being planned and proposed by SEPC, we do intend to set a target of USD 300 billion for 2022-23," Talati told PTI.

He also suggested announcement of support measures in the forthcoming Budget for the sector.

The sector needs specific schemes for capacity building for sustained growth in the long run, he said, adding a production linked incentive scheme kind of measures for the sector can definitely help capital intensive services sectors like education, aviation, healthcare, research and development and film production.

It has proposed an alternative scheme to SEIS (services export from India scheme) - DRESS (Duty Remission on Export of Services Scheme) to boost the shipments.

"The challenges that each sector faces are unique and deserve acute policy attention. The need of the hour is a level playing field with manufacturing in terms of the incentives and support to tide over the pandemic. It is important to work towards a change in perception and giving services equal importance as manufacturing if not more," he said.

Further he said that while negotiating a free trade agreement, India needs to focus on services sector especially mode 4 (movement of professionals) of services supply and ensure that easier movement of services professionals like doctors, nurses, engineers, teachers, lawyers, IT trainers, accountants, bankers, are allowed to the markets of new FTA partners.

"We may also like to have mutual recognition agreements (MRAs) for online education and telemedicine because cross border supply of education and health services is the need of the time," he added.