Govt working with Ministries to develop plans for 12 champion services sector to boost exports : Rita Teaotia

Posted by Daily Shipping Times on 14-05-2018        Tweet

The is being developed for each of these 12 champion sectors and the mechanics to use RS 5,000 crore fund is also in the final stage

NEW DELHI: The Commerce Ministry is working with different Ministries to formulate separate plans for 12 services sector, including IT, tourism and logistics, with a view to boost growth in these segments, a top Government official said recently.

In February this year, the Government approved an action plan for 12 'champion' services sectors, including IT, tourism and hospitality, for realising their potential through establishment of a Rs 5,000 crore dedicated fund. Commerce Secretary Rita Teaotia said the Government is looking at each of these champion sectors specifically and working with the line Ministries on that.

There is plan that is being developed for each of these 12 champion sectors, she said, adding that the mechanics to use RS 5,000 crore fund is also in the final stage.

She also said a committee is established under the Chairmanship of Cabinet Secretary to review these plans. The 12 sectors include IT & ITeS, Tourism and Hospitality, Medical Value Travel, Transport and Logistics, Accounting and Finance, Audio Visual, Legal, Communication, Construction and Related Engineering, Environmental, Financial and Education.

Talking about the importance of trade, Teaotia said that the sector will push overall economic growth and job creation. To promote exports, she said the Commerce Ministry is working on several areas, including efficient logistics management, involving states, increasing international engagement, ways to increase value addition and pushing MSME sector.

She said that two centres - Centre for Regional Trade and Center for International Investment Law - was set up as an independent think tank, which would support the Ministry in terms of providing inputs and generating studies on regional trade.