12 champion services to build Brand India; Piyush Goyal says, govt will select high-performers

By: |
Updated: November 5, 2019 5:47:21 PM

Piyush Goyal said that sectors like tourism, health care, and education will attract investment, create jobs, promote entrepreneurship, and attract foreign exchange earnings. 

piyush goyal, commerce minister, minister of railways, services sector, service industry, banking and financePiyush Goyal highlighted that the services sector will contribute USD 3 trillion out of the USD 5 trillion economy that India is set to grow to.

Minister of Commerce and Industry & Railways Piyush Goyal said to increase the contribution of the services sector in the economy, the government will support well-performing sectors in the services industry to enable them to grow and expand. Twelve such sectors will be selected to be promoted and Brand India will also be developed for them. Piyush Goyal highlighted that the services sector will contribute USD 3 trillion out of the USD 5 trillion economy that India is set to grow to. Speaking at the event of the 5th Global Exhibition on Services, Piyush Goyal asked Services Export Promotion Council (SEPC) and Confederation of Indian Industry (CII) to focus on tourism and other sectors such as legal services, financial and accounting services apart from IT and ITeS so that a bouquet of services covering wider areas can be offered to consumers. 

The minister also appreciated the efforts made by SEPC and CII in promoting the services sector in an organised manner and said that sectors like tourism, health care, and education will attract investment, create jobs, promote entrepreneurship, and attract foreign exchange earnings. 

Also Read: Economy starts Q3 with continuing pain; another warning signal shows activity slowed in October 

Piyush Goyal’s remark has come at a time when the services PMI has contracted for the second straight month in October, on the back of poor demand. Fall in services exports to a 4-month low and the rise of input cost to a one-year high have brought down the confidence in the service sector to lowest in nearly three years. Also, the services GVA grew at a seven-quarter low of 6.9 percent in Q1 FY20, compared to 8.4 per cent in the previous quarter. 

Amid a sagging economy and a lower forecast of economic growth, Piyush Goyal said that the huge potential of the services sector is yet to be tapped and this sector has the capacity to generate a large number of jobs, improve the quality of life of citizens, and contribute to the Indian economy.

Do you know What is Receipt Budget, Securities Transaction Tax, Revenue Deficit, Centrally Sponsored Scheme, Non Tax Revenue? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1China’s president Xi Jinping pledges wider market access, free-trade deals
2China hypes import show, but not everyone’s buying it
3What’s the RCEP and what happened to the TPP?