Services exports from India are set to increase, according to a seminar at the Global Exhibition on Services (GES) 2018 on ‘The India Opportunity - Forging Global Partnership for Trade & Investment in Services’ where eminent panelists representing a multitude of service sectors both Indian and international agreed that technology and talent will drive growth.
PK Gupta, Managing Director (R&D), State Bank of India, said that the Indian services sector is rapidly globalising led by the IT and ITeS sectors. Artificial Intelligence (AI) and Machine Learning will increase job creation from services and it is time to go up the value chain.
David Rasquinha, Managing Director, Export-Import Bank of India, mentioned that India’s share stands at 1.7 per cent of the world merchandise exports and in service exports its share stands at 3.35 per cent. As services are becoming increasingly tradable, its share is expected to pick up further. He said that India should shift its focus from manufacturing to services.
Zara Ingilizian, Head of Consumer Industry & System Initiative, Member of the Executive Committee, World Economic Forum LLC, USA, said that today most demand in India is coming from services and most of them are enabled by technology. Ingilizian said that innovation is critical and in this era of digital disruption, both the public and private sectors must share the responsibility to upskill and reskill to exploit the complete potential of the services sector.
Anthony Little, Chief Academic Officer, GEMS Education, Dubai pointed that out of the focus sectors, education should be given the top priority. Students in India should be have the choice also of international education. Indian education should show confidence in Indian culture.
Vivek Sood, Managing Director, Global Supply Chain Group, Australia, noted that India is by far a leader in the IT services sector but there is lot to catch up in other services like the financial and legal services sectors. Talking of the assessment of Indian Cuisine internationally, Vikas Khanna, Indian Chef, Restaurateur, and Cookbook Writer, mentioned that Indian hospitality is legendary worldwide and is significant as the service is seen extending to hospitals too and not limited to just hotels or restaurants. He said that the greatest opportunity is in specialisation. Trevor Bull, Managing Director, Aviva Life Insurance Company India, opined that India could perform better in terms of the penetration of insurance services in the country. While praising India’s young, ambitious and digitally fierce individuals who are full of ideas, Bull stated that young startups and SMEs need mentoring as digital platforms are developing.
Pascal Kerneis, Managing Director, European Services Forum, said that AI, IoT and robots will revolutionise the services sector in India and that the country’s population of 1.3 billion presents a tremendous growth opportunity for the sector.
Maneck Davar, Chairman & Managing Director, Spenta Multimedia, stated that substantial skills are available in India and health, IT and entertainment are the major emerging service sectors. While speaking on EoDB, he said that while government’s intent to enhance business environment is clear, there is a need to give a message to lower levels of bureaucracy that old ways of doing business are no longer acceptable.