New Delhi: Prime Minister Narendra Modi will inaugurate a three-day global exhibition on services starting Thursday to showcase India’s strength in the sector and provide platform to the industry to explore business opportunities. Over 40 countries will participate in the exhibition.
The services sector includes IT, ITeS, telecommunication, healthcare, education, logistics, media and entertainment, R&D and space. Share of India’s services sector in the global services trade is only 3 percent as compared to 4.6 percent of China. In global exports of services, India’s rank has been improved from 11th to 6th during 2009 and 2013.
India’s services exports are USD 73 billion more than the imports in 2013-14. India had a trade surplus in services segment unlike in merchandise where India runs a huge trade deficit of USD 138 billion in 2013-14. It is important to boost services exports to finance the goods trade deficit.
Bureau Report
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