Piyush Goyal highlighted that the services sector will contribute USD 3 trillion out of the USD 5 trillion economy that India is set to grow to.

Minister of Commerce and Industry & Railways Piyush Goyal said to increase the contribution of the services sector in the economy, the government will support well-performing sectors in the services industry to enable them to grow and expand. Twelve such sectors will be selected to be promoted and Brand India will also be developed for them. Piyush Goyal highlighted that the services sector will contribute USD 3 trillion out of the USD 5 trillion economy that India is set to grow to. Speaking at the event of the 5th Global Exhibition on Services, Piyush Goyal asked Services Export Promotion Council (SEPC) and Confederation of Indian Industry (CII) to focus on tourism and other sectors such as legal services, financial and accounting services apart from IT and ITeS so that a bouquet of services covering wider areas can be offered to consumers.

The minister also appreciated the efforts made by SEPC and CII in promoting the services sector in an organised manner and said that sectors like tourism, health care, and education will attract investment, create jobs, promote entrepreneurship, and attract foreign exchange earnings.

Also Read: Economy starts Q3 with continuing pain; another warning signal shows activity slowed in October

Piyush Goyal’s remark has come at a time when the services PMI has contracted for the second straight month in October, on the back of poor demand. Fall in services exports to a 4-month low and the rise of input cost to a one-year high have brought down the confidence in the service sector to lowest in nearly three years. Also, the services GVA grew at a seven-quarter low of 6.9 percent in Q1 FY20, compared to 8.4 per cent in the previous quarter.

There is a tremendous potential in the Service Sector which can contribute much to the Indians & the Indian economy and can become a game-changer sector which will truly impact the destiny of India & all of our people: Minister @PiyushGoyal pic.twitter.com/Bvauqj18aY — Piyush Goyal Office (@PiyushGoyalOffc) November 5, 2019

Amid a sagging economy and a lower forecast of economic growth, Piyush Goyal said that the huge potential of the services sector is yet to be tapped and this sector has the capacity to generate a large number of jobs, improve the quality of life of citizens, and contribute to the Indian economy.