The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the Department of Commerce's proposal to give focused attention to 12 'Champion' Services Sectors for promoting their development in order to realise their potential.
A dedicated fund of Rs 5000 crore has been proposed in order to support initiatives for sectoral action plans of the Champion Sectors.
The initiative, which is touted to enhance the competitiveness of India's service sectors, would contribute to the GDP and exports of services to global markets by creating more jobs in India.
The 12 sectors include Information Technology and Information Technology enabled services (IT and ITeS), Tourism and Hospitality Services, Medical Value Travel, Transport and Logistics Services, Accounting and Finance Services, Audio Visual Services, Legal Services, Communication Services, Construction and Related Engineering Services, Environmental Services, Financial Services and Education Services.
The share of India's services sector in global services exports was 3.3% in 2015 compared to 3.1% in 2014. Based on this initiative, a goal of 4.2% has been set keeping 2022 in mind that marks the 75th anniversary of India's Independence.
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