President Pranab Mukherjee on Wednesday said the services sector, which drives the Indian economy in an inclusive and equitable manner, has emerged as an agent of change for the country.
"It is the 'sector of the current millennium' in terms of generating employment, skill development, bringing in FDI, enhancing trade and boosting strategic partnerships," he said in his address after inaugurating the second edition of Global Exhibition on Services -2016 at India Expo Centre and Mart here.
President Mukherjee pointed out that India has one of fastest growing services sectors in the world with annual growth rate of above nine percent since 2001.
"The contribution of Services Sector of India to overall GDP has increased sharply, from 41 percent in 1990-91 to 66 percent in 2014-15. In this context, the Global Exhibition on Services (GES) is a much-needed forum to give global visibility to the need to encourage trade in services," said President Mukherjee.
"The sector with its wide outreach can surpass geographical boundaries and unite nations through the common thread of offering skills and capabilities," he added.
President Mukherjee further said there exists a positive correlation between the extent of liberalization and growth in different service subsectors in India.
"The services that have been liberalized the most in terms of trade and FDI policies have experienced higher growth rates and employment creation opportunities. The results of the Services sector post initial era of liberalization warrant that the process of reforms has to be further intensified to fully utilize its full potential," he added.
Union Communication and Information Technology Minister Ravi Shankar Prasad, Minister of State for Commerce and Industry Nirmala Sitharaman, Minister for State for Culture, Tourism and Civil Aviation Dr. Mahesh Sharma and Confederation of Indian Industry (CII) president Naushad Forbes were among the dignitaries present on the occasion.
