The share of India's services sector in global services exports was 3.3% in 2015, compared with 3.1% in 2014. Based on this initiative, a goal of 4.2 % has been envisaged for 2022.
The Cabinet on Wednesday approved creation of a Rs 5,000-crore dedicated fund for promoting the development of 12 identified ‘champion’ sectors and to help realise their full potential. “This initiative will enhance the competitiveness of India’s service sectors through the implementation of focused and monitored action plans, thereby promoting GDP growth, creating more jobs and promoting exports to global markets,” an official statement said. The 12 sectors that will get “focused attention” include IT & ITeS, tourism and hospitality services, medical value travel, transport and logistics services, legal and communication services among others. The Cabinet, chaired by Prime Minister Narendra Modi, has also directed the departments concerned with these sectors to utilise the available draft sectoral plans to finalise and implement the action plans for the identified champion services sectors. “The respective line ministries/departments shall finalise the action plans and the implementation timelines along with a monitoring mechanism to monitor implementation under the overall guidance of the committee of secretaries (CoS) under Cabinet secretary,” it said.
The share of India’s services sector in global services exports was 3.3% in 2015, compared with 3.1% in 2014. Based on this initiative, a goal of 4.2 % has been envisaged for 2022.
CCEA approves extension of PMEGP for three years
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved extension of the Prime Minister’s Employment Generation Programme (PMEGP) for three years to 2019-20 with a total outlay of Rs 5,500 crore with the hope that the scheme will create sustainable employment opportunities for 15 lakh persons beyond 2017-18. The PMEGP is a credit-linked subsidy programme, aimed at generating self-employment opportunities through establishment of micro enterprises in the non-farm sector for traditional artisans and unemployed youth in rural as well as urban areas. A total of 4.55 lakh micro enterprises have been assisted with a margin money subsidy of Rs 9564.02 crore, providing employment to an estimated 37.98 lakh persons from inception in 2008-09 to January-end, 2018, an official statement said. The scheme is being implemented by the ministry micro, small and medium enterprises.