Commerce and Industry Minister Suresh Prabhu has said that his ministry is actively working on strategy that seeks to promote services exports, which have the potential to boost overall foreign shipments and India’s real gross domestic product (GDP) growth in the coming years. He noted that services are going to be a big dominant part of the Indian economy.
The minister highlighted that the government has approved an action plan for 12 ‘champion’ services sectors, including IT, tourism and hospitality, for realising their potential through establishment of a Rs 5,000 crore dedicated fund. Besides, he said that more services will be exported from India in the coming years.
Prabhu further said that certain countries are taking steps which are challenging the entire global trading system and India needs to gear up to face the issues. He also said that some countries are questioning the rationale of global trade and putting hurdles in trade. He also asked the Indian Institute of Foreign Trade (IIFT) to work on a strategy to deal with these issues.