With a view to boost country’s economic growth to the next level, Modi government is planning to formulate a separate strategy with different ministries to promote twelve champion services sector.
With a view to boost country’s economic growth to the next level, Modi government is planning to formulate a separate strategy with different ministries to promote twelve services sector, PTI reported citing unidentified officials. These sectors include IT, tourism and hospitality. It was in the month of February that an action plan was approved by the Modi government for these ‘12’ champion services sectors for realising their real potential through establishment of a Rs 5,000 crore dedicated fund. The 12 champion sectors include IT & ITeS, Tourism and Hospitality, Medical Value Travel, Transport and Logistics, Accounting and Finance, Audio Visual, Legal, Communication, Construction and Related Engineering, Environmental, Financial and Education.
The government is specifically looking at these sectors and developing a plan with the line ministries on that, PTI reported citing Commerce Secretary Rita Teaotia. In the plan, the government is looking at areas like “do we have the right regulatory framework for the growth of that sector?, do we have right service standards at place; what are the infrastructure gaps and how to address that or any other bottlenecks,” PTI reported citing Commerce Secretary.
Rita Teaotia also informed that a plan is in the final stage to use Rs 5,000 crore fund as the plan is being developed for each of these 12 champion sectors. Under the chairmanship of cabinet secretary, a committee is being established to review all these plans, PTI reported citing her.
Champion sectors to push growth
Boosting these twelve champion sectors will help in pushing overall economic growth and job creation, she said. In order to increase value addition and promote exports and push MSME sector, she said that ministry is working on various areas such as efficient logistics management, involving states, and increasing international engagement. After a gap of four months in the month of March India’s exports dipped. The exports contracted by 0.66 percent to $29.11 billion due to negative growth in various key sectors of the economy.