About 60 countries will participate in the first Global Exhibition on Services where host India will project itself as a leading service exporter. Prime Minister Narendra Modi will inaugurate the exhibition on Thursday. “The IT and ITeS services has grown in leaps and bounds. But there are other areas that have to leverage their strength in trade in services. We are looking at nine to 10 other sectors that have shown tremendous potential,” Minister of State (Independent Charge) for Commerce and Industry Nirmala Sitharaman said on Tuesday. Sitharaman also said the government plans to organise this exhibition annually in February. During the two-day event, India will be showcasing its potential in sectors such as IT and telecoms, tourism, healthcare, logistics, education, research and development, space and professional services. It will also have over 5,000 structured buyer-seller meetings. According to commerce secretary Rajeev Kher, apart from foreign participation, a number of states are also participating in the exhibiton, showcasing there area of strength. As many as 39 countries, including US, UK, South Korea, UAE, Hong Kong, Germany, Malaysia and Thailand, are going to put up stalls exhibiting their expertise in various services.
The states that are participating are Assam, Bihar, Goa, Gujarat, Haryana, Jammu and Kashmir, Punjab, Rajasthan and Odisha.
India has the second fastest growing services sector in the world after China. The growth of services sector GDP has been higher than that of the country's overall GDP during 2000-2001 to 2013-2014.
The sector contributes 57 per cent to the country's GDP. India is also a leading exporter of services with a CAGR of 20.2 per cent followed by China at 16.6 per cent.
India had been also pushing for greater access in the services market under the Doha round of talks at the World Trade Organization (WTO). However, this has not seen much headway due to lack of interest on the part of the developed countries.
Ironically, India is also not part of the Trade in Services Agreement (TiSA), which is currently being negotiated among 23 countries outside the purview of the WTO. US and the European Union are also part of TISA, the talks for which was launched in 2012. Together, these countries account for 70 per cent of world trade in services. Once concluded, it will open the floodgates of services export from across all sectors such as a banking, telecom and construction among others.