Services dominate in terms of employment, value addition, productivity and innovation: Prez Kovind

Mumbai, May 16: Today, services dominates in terms of employment, value addition, productivity and innovation. This was said by President Ram Nath Kovind on Tuesday after inaugurating the 4th Global Exhibition on Services and launched a portal on 12 Champion Sectors in Services in Mumbai.

 

Speaking on the occasion, President Ram Nath Kovind welcomed around 500 international delegates who are participating in this Global Exhibition from about 100 countries. The President said that 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,” he added.

The President also noted that in India, the services sector contributes 61 percent in gross value added. “With its young population, large talent pool and comfort with technology, India has natural advantages in the sector and is set to become even more of a provider of services to the world,” he added.

President Ram Nath Kovind also commended the Ministry of Commerce and Industry of the Government of India, as well as the Government of Maharashtra, the Confederation of Indian Industry and the Services Export Promotion Council, for this initiative.

He further expressed confidence that it would promote the Indian services domain and enlarge and deepen India’s engagement with the global services sector. President Kovind also stated that the launch of 12 Champion Sectors is a bold new step that will contribute to both India’s economy and the global economy, and will create jobs.

The President, in the end, noted that Government programmes such as Start-up India and the Mudra Yojana, which has provided capital to 120 million grassroots businesses, have seeded a culture of entrepreneurship, largely in services. He expressed confidence that some of these start-ups will grow into giants in the years and decades to come.