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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