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Services sector backbone of 21st century global economy: President

IANS  |  Mumbai 

The sector represents a vibrant and expanding component comprising employment, value addition, productivity and innovation and hence forms the backbone of the 21st century global economy, said here on Tuesday.

Inaugurating the 4th Global Exhibition on Services, he said in India, the sector contributes 61 per cent in gross value added and with a young population, large talent pool and comfort with technology, has natural advantages in the sector and is set to become even more of a provider of to the world.

"The pace of technology is intensifying the contribution of services in other sectors, including agriculture, infrastructure and The launch of 12 Champion Sectors is a bold new step that will contribute to both India's economy as well as the global economy and create jobs," Kovind added.

He said the early Industrial Age and traditional economy created jobs in factories and encouraged entrepreneurship in the form of ancillary units and workshops.

"Today, we are looking at small but exciting start-ups in the services space. Technology has emerged as an enormous enabler and allowed local services companies to go national and even global.

"In India, which is the third largest centre of start-ups in the world, this has thrown up a generation of young entrepreneurs of men and women with hunger and ambition," the pointed out.

In this context, he said the government's programmes like Start-up and Mudra Yojana which has provided capital to 120 million grassroots businesses have seeded a culture of entrepreneurship, largely in services, and hoped that these would grow into giants in the near future.

for Industry announced the 12 Champion Services Sectors -- Banking and Finance, Tourism and Hospitality, Transport and Logistics, Media and Entertainment, Healthcare, Construction Industry, Legal Services, Environment, Accounting and Finance, Education, IT and Communication and Sports.

He said these would create huge employment opportunities not only in but all over the world through Global Supply Chain and Global Value Chain.

Saying the Indian economy was growing faster than the global economy, stressed that will create an ecosystem for this sector to create huge employment potential.

Around 500 delegates from 100 countries are participating in the four-day 4th GES organised by the Ministry of Commerce and Industry, the government, the and the

Present were Governor C.V. Rao, Rita Teaotia, CII and other dignitaries. Kovind released an India Services Book and a portal to mark the occasion.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 15 2018. 21:36 IST