Services offered must meet global standards: Prabhu

Services sector will play a significant role in pushing the country's economic growth and the industry must focus on delivering services of global standards, Commerce and Industry Minister Suresh Prabhu today said.

Addressing the National Cost Convention here organised by the Institute of Cost Accountants of India, the minister asked the industry to make benchmarks of standards for services.

"Look at the possibility of coming out with a quality standards for services. It is extremely important. Services will have to be offered in such a manner that they meet global standards," he said.

He said that the government has approved a Rs 5,000 crore to promote 12 champion services sectors such as IT, tourism and hospitality.

The decision, he said, will drive growth of the services economy in India.

Further the minister informed that the ministry is preparing a vision to take Indian economy to USD 5 trillion.

In pushing the GDP of the country, manufacturing and services would play an important role," he added.

He also said that the focus should be on cost reduction and value addition for all businesses.

"Cost reduction and value addition should go hand in hand. Cost consciousness is important to build a robust economy," he said.