The government has identified 12 service sectors for promoting their development and realising their potential for job creation and GDP generation. It has also decided on an investment of Rs 5,000 crore in the identified sectors to develop them.
Cabinet approved the proposal by the Department of Commerce on Wednesday to give attention to the 12 areas being termed as champion services sectors. This move is aimed at generating 50-75 lakh jobs by the year 2022.
These sectors are Information Technology & Information Technology enabled Services (IT & 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.
"Services sectors in India has immense employment potential. The proposal will enhance the competitiveness of India's services sectors through the implementation of focused and monitored action plans, thereby creating more jobs, contributing to a higher GDP and services export to global markets," IT and Law Minister Ravi Shankar Prasad said during the Cabinet briefing on Wednesday.
The share of India's services sector in global services exports was 3.3 per cent in 2015 as compared to 3.1 per cent in 2014. Based on this initiative, the goal is to achieve 4.2 per cent exports by 2022. The action plan has been considered keeping the GDP goals in mind.
The Cabinet has directed concerned ministries/departments to draft action plans and implement them in the days to come.
"A dedicated fund of Rs 5,000 crore has been proposed to be established to support initiatives for sectoral action plans of the Champion Sectors," a PIB statement said.
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