Monday, December 16th, 2019

Service sector will contribute USD 3 trillion out of the USD 5 trillion economy

INVC NEWS
New Delhi,
Union Minister of Commerce and Industry & Railways, Piyush Goyal, said that brand India will be developed in order to promote the 12 champion services sectors. He further said that the Commerce and Industry Ministry will support different sectors in the services industry in partnership with States and formulate policies that will enable these champion sectors to grow and expand and contribute in a much more significant way to the Indian economy. The services sector will contribute USD 3 trillion out of the USD 5 trillion economy that India is set to grow to.

Commerce and Industry Minister was speaking at the curtain raiser event of the 5th Global Exhibition on Services (GES) in New Delhi today. GES 2019 will be held in Bengaluru from 26th – 28th November 2019. He expressed his happiness at Bengaluru hosting the GES 2019 as the city cherishes tradition along with modernity. He also welcomed Uttar Pradesh as a partner State in GES 2019.

Piyush Goyal appreciated the efforts being made by Services Export Promotion Council (SEPC) and Confederation of Indian Industry (CII) in promoting the services sector in an organized manner and said that the sectors like tourism, health care and education will attract investment and create jobs, promote entrepreneurship and attract foreign exchange earnings. The huge potential of the services sector is yet to be tapped and this sector has the capacity to generate large number of jobs and improve the quality of life of citizens and contribute to the Indian economy said the Minister.

Commerce and Industry Minister urged SEPC and CII to focus on tourism and also sectors like legal services, financial and accounting services apart from IT and ITeS so that a bouquet of services encompassing all aspects can be offered to domestic consumers and those travelling to India from abroad.

Piyush Goyal unveiled the trophy of Nations Cup on e-sports or electronic sports competition. E-sports are organized video game competitions especially between professionals. India is poised to take advantage of this growing business through the entire eco-system of e-sports – in areas of player/ team management, coaches, streamers and venues. The e-sports is one of the highlights of GES 2019.

Karnataka Minister for Medium and Large Scale Industries, Jagadish Shettar, Additional Secretary in the Department of Commerce, Sudhanshu Pandey also addressed the curtain raiser event. Senior officials of Central Ministries, Departments, State Governments, representatives of foreign diplomatic missions in Delhi and services industry were present during the event.

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