President Ram Nath Kovind is confident that start-ups will grow into giants in the years to come, backed by billion mobile phone users, 500 million citizens on the internet, and a determined push for financial inclusion using technology and digital payments. “I am confident that some of these startups will grow into giants in the years and decades to come. A billion mobile phone users; 500 million citizens on the Internet; and a determined push for financial inclusion using technology as well as for digital payments have collectively deepened India’s services story,” Kovind said on Tuesday on the occasion of launch of 12 champion services sectors and inauguration of 4th Edition of Global Exhibition on Services.
President Kovind on Tuesday said that the 12 ‘champion’ services sectors such as IT and tourism hold an immense potential to attract international investors, buck up economy and generate jobs, President Kovind said. The government had set up a Rs 5,000 crore dedicated fund in February to promote 12 ‘champion’ services sectors.
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 services sector represents a vibrant and expanding component of the global economy. Today, services dominates in terms of employment, value addition, productivity and innovation. The pace of technology is intensifying the contribution of services in other sectors – including agriculture, infrastructure and manufacturing. It would not be an exaggeration to say that services forms the backbone of the 21st century global economy,” he added.
India is optimistic about doubling its GDP size to $5 trillion by 2025, and of this the services sector could be a $3 trillion contributor, he added. Out of this total expected GDP number, the government estimates that the Internet economy, incorporating e-commerce could be as high as $1 trillion, he added.