PHOTO CAPTIONS:· The President of India Shri Ram Nath Kovind inaugurate the 4th Global Exhibition on Services in Mumbai on May 15, 2018
Services sector will contribute three trillion dollars to Indian economy – Suresh Prabhu
Maharashtra will create an ecosystem for Services sector – Maharashtra CM
Mumbai, May 15, 2018
The President of India, Shri Ram Nath Kovind, inaugurated the 4th Global Exhibition on Services in Mumbai today. Speaking on the occasion, the President welcomed around 500 international delegates who are participating in this Global Exhibition from about 100 countries. He commended the Ministry of Commerce and Industry of the Government of India, Government of Maharashtra and other stakeholders for this initiative. He expressed confidence that it would promote the Indian services domain and enlarge and deepen India’s engagement with the global services sector. He stated that 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 will create jobs.
The President said that the services sector represents a vibrant and expanding component of the global economy. Today, services dominate in terms of employment, value addition, productivity and innovation. The pace of technology is intensifying the contribution of services in other sectors – including agriculture, infrastructure and manufacturing. It would not be an exaggeration to say that services form the backbone of the 21st Century global economy.
The President said that in India, the services sector contributes 61 per cent in gross value added. With its young population, large talent pool and comfort with technology, India has natural advantages in the sector and is set to become even more of a provider of services to the world.
The President said that the early Industrial Age and the traditional manufacturing 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 or 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 President noted that Government programmes such as Start-up India and the Mudra Yojana, which has provided capital to 120 million grassroots businesses, have seeded a culture of entrepreneurship, largely in services. He expressed confidence that some of these Start-ups will grow into giants in the years and decades to come.
President released India Services book and launched a portal on the occasion.
The Union Minister for Commerce and Industry Shri Suresh Prabhu, thanked the President of India for his guidance to make India a hub for global provision of services for the entire world. He said that the services sector has immense potential. He further said that In the coming years, the Services sector will contribute three trillion dollars to the Indian economy. The 12 Champion Services Sectors i.e. 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 will have the major share. This sector will also create huge employment opportunities not only in India, but all over the world through Global supply chain and Global value chain.
The Chief Minister of Maharashtra, Shri Devendra Fadnavis stated that the Indian economy is growing at a faster rate, as compared to the global economy. India has paved the way for the services sector to grow at an accelerated pace. He assured that Maharashtra will create an ecosystem for this sector which can offer employment in large numbers.
The 4th Global Exhibition on Services is organized at Hall No. 4, Bombay Exhibition Centre, Mumbai from May 15-18, 2018. The exhibition is jointly organized by the Department of Commerce in the Ministry of Commerce and Industry, Government of India, as well as the Government of Maharashtra, the Confederation of Indian Industry (CII) and the Services Export Promotion Council (SEPC).
This exhibition on Services is a global platform for increasing trade in services, enhancing strategic cooperation and strengthening multilateral relationships between all stakeholders.
The Governor of Maharashtra Shri C. Vidyasagar Rao, the Commerce Secretary Smt. Rita Teaotia, the President of the CIIShri Rakesh Bharati Mittal and other dignitaries were present at the inaugural function.