Robotics, artificial intelligence, and increasing digitization constitutes the next phase of industrial revolution, and there is a big role of services sector in the Industrial Revolution 4.0. “A huge degree of services” are involved in manufacturing goods. At the most recent Global Exhibition on Services, Commerce Minister Nirmala Sitharaman speaks, “India’s services sector must gear up to take advantage of Industrial Revolution 4.0. The country is very strong in the segment, and there is so much opportunity for India.
The four-day event witnessed the presence of 500 participants, who had come from 73 countries. She also mentioned that India had relaxed its visa regime from April 1, to liberalize it for businesses, tourists, as well as students. Sitharaman extols, “Obtaining a visa in the country today is a straightforward process through online.”
India’s share in the global services trade stands at 3.3 per cent, and government is facilitating the sector with its policies. Certain services like IT and financial have recorded a slowdown in past few months, however travel business, communications, transportation and insurance have reflected faster growth. “Huge opportunities are there for medium scale units in the services sector, alongside large business houses,” comments Commerce Secretary Rita Teaotia.
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An increased has been noticed in within the landscape concerning foreign direct investment, which has increased from 1.7 per cent of GDP to 3.2 per cent of GDP, this year. The Services sector is receiving most of these inflows. Moreover, the government is focusing on concerted efforts to develop a coherent and comprehensive policy framework for the sector. Most importantly, the sector contributes about 60 percent towards India’s economic growth.
- Rajasthan’s Industry Minister Rajpal Singh Shekhawat said the state holds huge potential in areas like hospitality, tourism and IT.
- Satyadev Pachauri, the MSME, Export Promotion and Textiles Minister of Uttar Pradesh also sought investments from both foreign and domestic investors in the sector. He also urged the Centre to develop the Jewar airport as it would help in promoting tourism industry of the state.
- Commerce and Industry Minister of Assam, Chandra Mohan Patowary asked domestic airline players to consider operating flights from Guwahati to the South East Asian countries.