With the number of exhibitors having grown to 550 of which 450 are Indians, the scope of the ‘Global Exhibition on Services’ has increased manifold. The focus areas of services, which have been showcased in the exhibition, have expanded noticeably from 10 services in the first edition to 17 in the second and has gone up further to 20 in this edition of GES. This was stated by Smt Nirmala Sitharaman, Hon’ble Minister of State for Commerce and Industry during keynote address made during the third edition of the Global Exhibition of Services organized by Ministry of Commerce and Industry together with CII and SEPC.
Underscoring the growing importance of services in the Indian economy, Smt. Sitharaman said that at a time when there has been a decline in global export of services trade between 2014 and 2015, India has witnessed a quantum jump in services export. India’s share in services trade has gone up to 3.3% of global services trade during this period.
Further, Smt. Sitharaman eluded to the dawn of an era dominated by services at a time when industrial revolution 4.0 is underway. Hence, servitisation of manufacturing would be a new buzzword which would open up an array of opportunities in our knowledge based economy.
According to the Hon’ble Minister, the quality of our services has been exemplary, our excellence being driven by knowledge and professional acumen. Citing the example of the state of the art technology developed by ISRO, she said that this is being used not only for transforming our economy but also for lending a helping hand to other nations. Apart from Space technology, India has signed MOUs with foreign countries in healthcare, railway services, among others for sharing of our expertise.
While responding and acting upon the inputs and suggestions received from delegates through the GES platform, the government of India has eased the policy on visa services, made a special provision on visa on arrival, introduced the internship visa and a special visa for students, all of which have yielded rich dividends.
Addressing the gathering, Smt. Rita Teotia maintained that the GES has evolved over the years not only in terms of participation but also by way of the extent of services. It has provided a unique opportunity and an ideal platform for forging business ties and partnerships not only for large firms but for medium businesses as well. GES is meant to demonstrate our inherent capabilities and in turn augment our trade in services. Around 73 countries are participating in the event of which 12 are at the Ministerial level.
Smt Teaotia said that while there has been a slowdown in IT and financial services due to domestic and global headwinds, this has been compensated by a growth in business services, insurance, transportation among others indicating a deepening of the services sector. A strong services sector which supports industry and jobs is pivotal for the development of our economy.
Outlining our strengths, Smt Teaotia said that our workforce is the youngest in the world. Besides, according to the IMF, India has emerged as the fastest growing economy in the world despite global uncertainties. Further, our foreign exchange reserves are rising and our country has emerged as an attractive destination for FDI, a large proportion of which is in the services space.
Recognising the potential of services, the government has brought out a comprehensive policy supportive of this sector, said Smt Teaotia.
Dr Naushad Forbes, President, CII, during his address stated that services have emerged as an engine of growth for the Indian economy as it contributed two-thirds of our GVA, half of our employment and a fifth of our exports. Dr Forbes identified three priority areas viz tourism, healthcare and education which he felt had the potential to grow manifolds and were important for promoting inclusive growth in the country.
Mr Chandrajit Banerjee, Director General, CII said that GES has grown in stature over the years and has opened up tremendous opportunities for business. Over 21 states and 73 countries are participating in the event with 550 exhibitors, 100 more than last time.
Mr Rajpal Singh Shekhawat, Hon’ble Minister of Industry, Govt. of Rajasthan; Shri Satyadev Pachauri, Hob’ble Minister for MSME, Export Promotion, Textiles, Khadi and Sericulture, Govt. of Uttar Pradesh; and Shri Chandra Mohan Patowary, Hon’ble Minister for Transport, Commerce & Industry, Parliamentary Affairs, Skill, Employment, Government of Assam also spoke on the occasion.
Shri Anup Wadhawan, Additional Secretary, Department of Commerce and Industry made the closing remarks.
17 April 2017
Greater Noida, U.P.