Great potential in the services sector: Goyal

New Delhi, November 5 () The country's services sector has enormous potential to generate job opportunities and boost economic growth, Commerce and Industry Minister Piyush Goyal said Tuesday.

He suggested that the IIC of the ministry, the state and the industry can work on some kind of policies and facilitators to boost the growth of 12 leading sectors identified by the government.

These sectors include accounting, finance, media, entertainment, information technology, health, legal, transportation and logistics.

I have suggested that in the next 15-20 days, if we can work together with the states, some kind of policy or some kind of enabler that can help these various champion sectors to grow and expand much faster and contribute to a much larger , said.

He was speaking on the program to lift the curtain of the Three-Day Global Service Exhibition (GES) 2019, which will be held in Bangalore from November 26 to 28. It will be organized by the Ministry and Confederation of Industry of India (IIC).

He said the service sector has enormous potential and contributes significantly to the Indian economy.

But, I don't think we've reached the tip of the iceberg when it comes to getting the real benefits of this sector, he added.

Speaking about the Statue of Unity in Gujarat, he said that although some people criticized the government for this project, it has enormous potential to generate economic activities in that region.

My prediction is that only the Statue of Unity will create an ecosystem that can generate Rs 1 lakh crore (USD 15 billion) annually in and around that statue for the next 4-5 years, he added.

In reporting on the exhibition, the joint secretary of the Ministry of Commerce, Darpan Jain, said it would provide a platform to show the opportunities that exist in the 12 sectors of India.

It would also provide a platform for new businesses and MSMEs (micro, small and medium enterprises). Its objective is to provide all interested parties the opportunity to exhibit opportunities, Jain said.

Speaking about the function, the additional secretary of the Ministry of Commerce, Sudhanshu Pandey, said there is a perception that developing countries create barriers to trade in services.

He said the ministry has begun a study on this and has published a report. His findings have shown that it was some developed countries that created barriers, he said, adding that the report will soon be put in the public domain for comments and opinions. RR HRS

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