“At a time when global merchandise trade is slowing down, trade in services can bring new benefits to the global economy,” stressed Shri Pranab Mukherjee, Hon’ble President of India. He was addressing the inaugural ceremony of the 3rd Global Exhibition on Services (GES) organized by the Department of Commerce, Ministry of Commerce and Industry, in association with the Confederation of Indian Industry (CII) and the Services Export Promotion Council (SEPC) at Rashtrapati Bhavan today.
President of India added that India’s services exports help global businesses build their productivity and support jobs across the world, noting that India is also a growing market for the world in the sector. Make in India, Digital India, Startup India and Skill India will further drive services growth as manufacturing is increasingly embedded with services, said the President.
Pointing to legal, economic and politicall issues in international trade in services, he called for addressing policy matters such as access, transparency, and capacity building. In this regard, he said that India has submitted the Trade Facilitation in Services note to the WTO. “Exchange of services represents the way forward for global trade,” he concluded.
Smt Nirmala Sitharaman, Hon’ble Minister of Commerce and Industry, observed that 6 overseas ministers and 73 countries are participating in the GES. While manufacturing contributes 16.6 per cent of India’s gross value added, the services contribution stands at 53 per cent, and hence, the Government of India is according high priority to it. India’s share in global services exports is at 3.3 per cent and there is scope for more exports, she noted.
The previous two editions of the GES have resulted in concrete outcomes and agreements with other nations, said the Minister.
Shri Manoj Sinha, Hon’ble Minister of Communication, released a special stamp on the occasion of GES. He said that ‘My stamp’ is a customized issue of well-known places and interesting animals and plants and is increasingly being used for branding.
Recognising the participation of 24 states for the first time at GES, Shri Satyadev Pachauri, Minister of Uttar Pradesh, and Shri Chandra Mohan Patowary, Minister of Assam, were also present.
Smt Rita Teaotia, Commerce Secretary, Ministry of Commerce and Industry, said that India’s services sector is a significant contributor to income, trade, investments and employment and India has the potential to emerge as a global leader in multiple services verticals.
Dr Naresh Trehan, Chairman, Services Export Promotion Council of India, stressed that India can assist other countries in skill building and training as it offers quality healthcare at one-tenth the cost in many other economies.
Dr Naushad Forbes, President, CII, said that tourism and healthcare provide high opportunities for growth and job creation, and called for investment in skills and institutions.
Mr Chandrajit Banerjee, Director General, CII, observed that the GES has greatly expanded over the three editions.
GES 2017 brings together 550 exhibitors from 73 countries, with China as the Focus Country. The Exhibition will see over 5,000 business meetings and deliberations at more than 30 seminars.
The GES covers 20 key services sectors such as IT and BPM, tourism and hospitality, logistics, education and financial services. Incredible India Haat – A Cuisine, Culture and Handicrafts Show and Animation and Post Production Film Festival are added attractions.
India’s services exports increased from $52 billion in 2005 to $155 billion in 2015, with a share of 3.3% in global services exports. In the first 11 months of 2016-17, services exports stood at $146.5 billion, growing at 3%. India’s services trade witnessed a surplus of $59 billion in Apr-Feb 2016-17 with imports rising 12.1% to $87 billion. IT and software services contribute over 48% of India’s overall services exports with a leading position in the world.
17 April 2017