Services sector’s role pivotal for India’s growth: Sitharaman

New Delhi, Jan 24 (IANS) Commerce and Industry Minister Nirmala Sitharaman on Tuesday said the services sector has become knowledge-driven with an important role to play in the country’s economic growth.

“The services sector today is knowledge driven and along with technology has an important role to play in the economic growth,” Sitharaman said while addressing the curtain raiser conference of the third edition of Global Exhibition on Services (GES)-2017.

A strong services sector backed by a manufacturing sector targeted for higher growth through initiatives like ‘Make in India’, can play a pivotal role in the growth of our economy and enable it to find its rightful place amongst world economies, the Commerce Ministry said in a statement.

“The government recognises the importance of the service sector today as an agent of change and transformation for the country,” it said.

As per provisional numbers released by the Reserve Bank of India for 2016-17, the service export figures for April to September 2016 have touched $80 billion as against $77 billion for the corresponding period of the previous fiscal, which is a rise of almost four per cent.

In the GES-2017, there are 20 sectors that are being tapped as compared to 17 sectors in the previous years. The new areas being unveiled are retail and e-commerce, sports services and Railway services.