India plans to emerge as global services hub

Monday, 31 May 2004, 07:00 Hrs
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NEW DELHI: India can emerge as the global services hub by unleashing the country's intellectual ability in the international marketplace, Commerce and Industry Minister Kamal Nath said Friday.

In an interaction with leading members of the country's services sector, organised by the Confederation of Indian Industry (CII), Kamal Nath said his ministry had identified services sectors as one of the key focus areas for growth.

The minister said in the forthcoming export-import policy, likely to be presented by next month end, his primary aim would be to liberalise the regulatory framework of trade in the country.

Sunil Kant Munjal, president elect of CII, said the Indian services sector was unique as its gross domestic product (GDP) share is as high as 50 percent.

The direct transition from an agricultural based economy to services based one is an Indian phenomenon, he said.

"What we want from the government is not just incentives and schemes for export promotion but also the creation of an enabling environment that will facilitate exports," said Munjal.

Source: IANS
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