Cabinet nod to promote 12 identified Champions Services sector

NEW DELHI, Feb 28: The Cabinet on Wednesday approved the Commerce Ministry proposal to give focused attention to 12 identified Champion Services Sectors for promoting their development and realising their potential.
The proposal identifies 12 Champion Services sectors for reform, namely, IT & ITeS, 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.
A dedicated fund of Rs 5,000-crore has been set up to support initiatives for sectoral Action Plans of the Champion Sectors.
Reacting over the cabinet decision Commerce and Industry Minister Mr Suresh Prabhu in a tweet said, Service Sector contributes significantly to India’s GDP, exports and job creation.
He expressed the hope that increased productivity and competitiveness of the Champion Service Sectors will further boost exports of various services from India.
Services growth has been aiding India’s overall growth. In 2016-17, services grew at 7.7 per cent as compared to overall growth of 6.6 per cent.
Mr Prabhu said, “to unleash the untapped potential of services sector, we must focus on diversification to new sectors like Artificial Intelligence, IoT and Industry 4.0.
Stating that services trade surplus has been financing more than 50 per cent of India’s merchandise trade deficit., Mr Prabhu said the cabinet decision is aimed at building upon this strength. (UNI)