FM Arun Jaitley Signals Labour, Infra Reforms To Increase Manufacturing

Services sector is an area where there is huge space to grow and the country has potential to grow, he said.

"I have lurking suspicion that services sector would occupy about 60 per cent of the GDP space... This is one sector where governmental interference is minimal," he said.

The second aspect is that the country has proved to be a competent services provider globally.

"Our success in IT and IT services are well known... Several U.S. Presidents have tried to impose restrictive regimes on outsourced services to save jobs in the U.S.

But that indirectly translated in simple language means that you are compelling the US consumers to buy costlier services from within their own country when the same service is available almost in same real time at a fraction of that cost outside. These rules have substantially not succeeded," Jaitley said.

Talking about sunrise sector of the country, the Finance Minister said, pharma sector was beginning to create an impact.

The other sectors which have potential for growth are health care, Research and Development, tourism and education, he added.

"I think these are areas we need to be aggressive on," Jaitley said.