Inaugurating the 3rd Global Exhibition on Services President Pranab Mukherjee has said while India has emerged as the fastest growing large economy in the world, its services sector outpaces its GDP growth rate and has been its key growth driver.
Speaking on the occasion Mukherjee said the services sector contributes the lion’s share of India’s GDP, and represents its fastest growing sector with an estimated growth rate of 7.1 per cent in 2016-17.
The President said that services trade is increasingly viewed as an instrument to create jobs, drive national growth and foster exchange of ideas, knowledge and technology.
Mukherjee said that India can be a key partner for emerging services such as facilities management, event and exhibition, urban infrastructure and environmental services.
On the challenges and way forward for the Service sector the President said, “The global services trade is far less than the global merchandise trade; however, it has an equal potential given that most economies today are dominated by services sectors in terms of output and employment. Global services trade is, however, challenged by multiple issues relating to legal, economic and political spheres. Exchange of services represents the way forward for global trade.”
The Global Exhibition on Services is focusing on twenty vital services sectors. While some of the services are traditional ones such as tourism and hospitality and retail, many of the focus sectors are new to India and the world, including space services, sports services and wellness services.
India’s share in global services exports has increased to 3.3 per cent in 2015.
The four day (April 17-20) Global Exhibition on Services brings together more than 70 countries and 500 exhibitors to showcase the best products.