News Details

( 16 May 2018)
Service sector can attract global investors: President

President Ram Nath Kovind has said that the 12 'champion' services sectors including IT and tourism identified by the government hold a huge potential to attract global investors, promote India's economic growth and generate jobs.

As per reports, in February, the central government had set up a Rs 5,000 crore dedicated fund to promote 12 'champion' services sectors.

"The list...includes business areas with potential for drawing global attention and investment, as well as boosting growth and employment. It also aims to optimise India's skills and knowledge resources," Kovind said

The President said that services sector contributes 61 per cent in gross value added and with young population and large talent pool, India has natural advantages in these sectors.

"India's global services exports stood at 3.4 per cent in 2016. I am given to understand that the target is a 4.2 per cent share of global services by 2022. And frankly that is only the tip of the iceberg," he said.