India is the fastest growing economy in the world and is set to grow further with a projected growth rate of 7.4% in 2018, as per International Monetary Fund’s (IMF) World Economic Output Report (WEO) of April 2018. The Indian services sector is one of the key drivers of India’s economic growth and is expected to grow at 8.3% during 2017-18, up from the growth rate of 7.7% during 2016-17.
The services sector contributes significantly to the nations’ exports, employment and attracts substantial investments, including from overseas. The sector has generated significant employment, contributing around 31% of jobs. With this, the value addition per person employed is highest in the services sector.
The sector’s contribution to Indian exports is also substantial. The commercial services exports grew at an average growth rate of 6% during 2010-2016 with exports valued at US$ 161 billion during 2016. As per World Trade Organization (WTO), 2017, India remained the eighth largest exporter of commercial services in the world in 2016.
The services sector also attracted the highest FDI equity inflows with the sector receiving US$ 178 billion in cumulative terms from April 2000 to December 2017, including construction, telecom, banking, computer software and hardware, and trading.
The Government has undertaken a number of initiatives to boost the services sector. These include measures such as digitization, infrastructure status to logistics, e-visas, Start-up India, schemes for the housing sector, among others.
In a further bid to promote the services sector, the Government is working on a strategy directed at specific sub-sectors with a focus on expanding their export potential, attracting investment, raising incomes and generating employment.
The Government has identified 12 service sectors as “Champion Sectors”. These include Information Technology (IT) and IT enabled services, Tourism and Hospitality services, Medical Value Travel, Transport and Logistics Services, Accounting and Finance Services, Audio Visual Services, Legal services, Communication Services, Construction and Related Engineering Services, Environmental services, Financial Services and Education Services.
Ministries/Departments of the relevant sector are responsible for implementing the sectoral action plans for the various identified sectors and the Government has proposed to allocate a dedicated fund of Rs 5,000 crores for supporting the sectoral action plan initiatives. The implementation of focussed and well monitored action plans will enhance the competitiveness of these sectors.
4th Global Exhibition on Services
To enhance Indian services exports, the 4th Global Exhibition on Services (GES) is being held from 15-18 May, 2018 in Mumbai, jointly organized by the Department of Commerce, Ministry of Commerce and Industry, Government of India, Government of Maharashtra, Confederation of Indian Industry (CII) and the Services Export Promotion Council (SEPC). GES will provide a unique opportunity to global businesses and thought leaders, policymakers and innovators from services sectors to interact with their Indian counterparts and will engage Industry and Governments across the world to facilitate greater exchange of ideas and opinions.
A prestigious international event, the first GES was held in 2015 and was inaugurated by the Hon’ble Prime Minister of India, Shri Narendra Modi with an aim to expand trade in services through a global platform, while enhancing strategic cooperation and strengthening multilateral relationships among all stakeholders. The subsequent editions were inaugurated by the then Hon’ble President of India.
A one of its kind mega event in India, GES is stepping in its 4th year in 2018. Today, GES has become an ideal global platform to showcase India’s prowess across services sectors before a global audience that also provides an opportunity to network and conduct business globally and fosters the spirit of innovation and entrepreneurship.
GES 2018 Highlights
The Hon’ble President of India, Shri Ram Nath Kovind, will inaugurate the event on May 15, 2018 in Mumbai.
The unveiling of the Champion Services sectors will also coincide with the inaugural of the event. This will provide an impetus to these sectors and will be a milestone in India’s growth story, while placing the country strongly on the global services map.
The inaugural session will also be addressed by Shri Suresh Prabhu, Hon’ble Minister of Commerce and Industry, Government of India and Shri Devendra Fadnavis, Hon’ble Chief Minister of Maharashtra. The event will also see the participation of a large number of overseas dignitaries, country delegations, foreign industry delegations, domestic industry leaders and CEOs, and national and international media.
GES 2018 will feature numerous seminars/knowledge sessions on diverse topics and issues related to the service sectors, attended and deliberated by industry experts and government representatives. This year, 40 knowledge sessions are expected to be held during GES. An exclusive CEOs’ session will also be held. Various reports will be released during the event.
There are 22 sectors of focus this year, including sectors such as Banking and Financial Services, Education, Energy services, Healthcare, IT and telecom, Logistics, Media and Entertainment, Skills, Tourism and Hospitality, among others.
25 Indian states and around 100 countries are expected to participate in GES this year, with 625 exhibitors and 500 overseas delegates. The event will also feature roundtables and seminars, state investment summits, B2B meetings, exhibition of key services sectors, cultural activities, country and international pavilions, among others.
With a variety of engaging sessions and important activities planned this year, GES 2018 will be an exciting platform that would provide many opportunities for promoting growth across nations through increased trade in services, mutual cooperation and building partnerships among stakeholders.
For more details and to register: http://www.gesindia.in/