Highlighting a significant role of services sector in economic development, Commerce and Industry Minister Suresh Prabhu has said that the government is working on a strategy to boost share of services in exports. He also said that services exports will grow faster than merchandise exports and thus raising the total exports from the country.
Prabhu underlined various efforts being taken by the government to boost exports like focus on adding new products into the export basket and identification of 12 champion services sectors to promote them domestically as well as globally. He also said that Rs 5,000 crore fund allocation to promote 12 champion services will drive growth of the services economy in the country.
Commerce and Industry Minister further suggested that the industry must focus on delivering services of global standards and pointed out that the country’s chemical sector has huge growth potential and it needs to create capacity to meet exports demand. He also highlighted policies being formulated for various sectors like aviation, agri- export and industrial policy to promote the country’s exports.