Sitharaman said the roll-out of various government policies and programs will also give a filip to services sector's share in GDP.
The government is making efforts to improve the share of the services sector to the Gross Domestic Product (GDP), Commerce and Industry Minister Nirmala Sitharaman said on Wednesday, in a written response to the Rajya Sabha.
Sitharaman, in her response, said, the success of the various government policy measures and programmes would also work towards improving the contribution of the services sector to GDP.
According to the Minister, according to Central Statistics Office (CSO) provisional data, the share of services to Gross Value Added (GVA) was 53.2% in 2015-16.
"...To promote trade in services, Government of India follows a multi-pronged strategy of negotiating meaningful market access through multilateral, plurilateral and bilateral trade agreements, trade promotion through participation in international fairs/exhibitions, focussed strategies for specific markets and sectors," she said.
Then, "there are domestic sectoral challenges and difficulties. These are identified and sought to be addressed through consultations with stakeholders. Government of India also provides some fiscal benefits through Services Exports from India Scheme (SEIS) for some identified sectors as per budget availability," she added.
In terms of government programmes and policies, Sitharaman said, "the policy initiatives like Start-up India, Stand-up India, Digital India, and Skill India, fillip to manufacturing and infrastructure through fiscal incentives and concrete measures for transport, power, connectivity, smart cities and other urban and rural infrastructure and efforts at improving the ease of doing business through a number of facilitatory initiatives are also likely to boost services sector."
Apart from this, the government has also eased foreign direct investment norms for several sectors over the past few months, which is likely to give a boost to the sector's growth.
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