Speaking at an event, Darpan Jain, Joint Secretary, Department of Commerce and Industry, said that to boost services export India needs to focus on other crucial sectors, like tourism, healthcare, etc.
So far, out of total services exports, a large chunk of exports comes from the IT and ITes sector.
So far, out of total services exports, a large chunk of exports comes from the IT and ITes sector.
India has set an ambitious target of $1 trillion in services exports by 2030. So far, out of total services exports, a large chunk of exports comes from the IT and ITes sector. Now the focus of the government is to boost services export from some other crucial sectors like tourism, healthcare, education, etc.
"We know that out of total services exports from India, IT and ITes holds a predominant share, but now another 11 champion sectors are identified for our focus attention. And a lot of work has already been done on those champion sectors. But still we have a very long way to go," said Darpan Jain, Joint Secretary, Department of Commerce & Industry, Government of India, on Tuesday. Jain was speaking at the Global Services Conclave organized by the industry body Services Export Promotion Council.
Jain also pointed out that predictions say that maybe by 2040, the share of services in total international trade will overtake goods trade so services export is a very important area.
Quoting some examples, Jain mentioned that tourism sector is also one of the champion sectors. "Worldwide we have over 1 billion people travelling but we have a very small share in that, even smaller than Thailand and Malaysia. Take education sector, we have 5 million students travelling to get admissions and for higher studies, but here in India we get 50,000 students," he added.
Suggesting the ways to boost the services exports, Jain enumerated some key measures that needs to be taken and urged all the business to try and deliver services digitally, as much as is feasible.
"First key to success is how to leverage our digital platforms, how can we become a part of digital e-commerce; there is lot of receptivity for digital delivery services. I would urge all the business to an extent feasible try and deliver services digitally," he said.
Jain also argued that the government is currently negotiating free trade agreements (FTAs) with other nations, which could prove crucial for boosting services exports. He said, "We are now negotiating FTAs with many countries, UK Australia, Canada, European, Union as they are big services market. We need a close interaction with them to get the best of out of these FTAs."
He also spoke about having a dynamic B2B portal, which can be used by service providers to reach out to the markets abroad. He believes we should have a platform for engagement so that people outside knows who are the service providers in India so that we can get more and more business.
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