India
emerges as worlds services factory: Report
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Extract:
India has emerged as the world's services
factory, with its share in global services exports more than doubling over the
past 18 years. This growth is attributed to the rise of global capability centres
(GCCs), playing a pivotal role in expanding India's export capabilities.
According to a recent global report, the expansion of
India's services sector has been significant despite challenges faced by
sectors like tourism, aviation, and hospitality due to the impact of the
Covid-19 pandemic.
The report highlights the positive outlook for India in the
services exports sector, driven by comprehensive trade deals with countries
such as the UAE and Australia, along with ongoing negotiations for free trade
agreements with the European Union, the UK, Canada, and Israel.
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My Take:
Services Export: the Saviour…..18/10/2023
The relevance of the quoted paragraph from my
blog "Leveraging our Engineering Talent" from December 2018 is
evident in the current scenario of India's booming services exports.
Back then, I emphasized the potential of the service sector
over manufacturing, highlighting the lower capital investment per job created
and the higher job creation rate. Today, as India's services sector thrives, my
prediction about the service sector's growth and job creation has been
validated.
This growth aligns with the current trend of India's
dominance in global services exports, underlining the importance of tapping
into our engineering talent for continued success.
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Call
to Action:
To the policymakers and industry stakeholders
involved in shaping India's trade and economic policies, I urge a continued
emphasis on bolstering the services sector.
With India's services exports reaching new heights, it is
imperative to prioritize investments and policies that further enhance the
country's competitive edge in this domain.
Embracing technology, fostering innovation, and nurturing
talent are key steps to solidify India's position as a global services
powerhouse. Let's seize this momentum and propel India's services industry to
even greater heights.
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With regards,
Hemen Parekh
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