Union Finance Minister Arun Jaitley on Saturday urged to the service providers to exploit the inherent potential of the country to become more competitive globally.
Jaitley, who was speaking at the valedictory function of the Global Exhibition on Services (GES) here, said that services sector is India's core strength and the country has the ability to provide services cheaper globally.
Jaitley said that technology will play a much bigger role in the coming days and added that the world's largest retailer does not own even a single store and the biggest transporter does not have a single vehicle.
The Finance Minister further said that while 100 percent FDI allowed in several sectors, there are caps in segments like insurance, media, banking among others.
"I see hundreds of lawyers in Delhi and Mumbai typing opinions and preparing documents and sending it to their counterparts internationally, but we officially do not allow any foreign collaborations technology and this battle of ideas has defied all areas where we have been slow to grow," he said.
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The Finance Minister asked the industry to identify those areas where services are not cheaper in India.
Jaitley added that these are going to be generators of huge number of jobs in India and therefore this is what we owe it to the present India and the future India.
Earlier the Finance Minister expressed grief over loss of life and
property due to a major earthquake in Nepal and large parts of India.
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