: Piyush Goyal asks service sector to reduce import dependency #FinanceIndia #StockMarketNEWS Piyush Goyal asks service sector to reduce import dependency New Delhi, Jun 24 (KNN) Commerce and Industry

@StockMarketNEWS Thu 25 Jun, 2020

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Piyush Goyal asks service sector to reduce import dependency #FinanceIndia #StockMarketNEWS
Piyush Goyal asks service sector to reduce import dependency New Delhi, Jun 24 (KNN) Commerce and Industry Minister Piyush Goyal on Wednesday asked the Services sector to reduce imports and give opportunity to large and varied skilled workforce within the country.

While interacting through video-conferencing, with office bearers of the Services Export Promotion Council (SEPC), and stakeholders representing various Services sector, Goyal said, the services sector should take the help of Indians in various services as there is no reason why the sector has so much import despite India having a large and varied skilled workforce.

Piyush Goyal further said that the services sector should help India’s workforce in upgrading their skills by exposure and capacity-building.

The Minister also urged them to develop a competitive advantage, focus on quality, and explore new destinations and services as the world is going to be different post-COVID.

Services sector is important for Indian external trade- the RBI data shows that in April, 2020, the Services exports were Rs 1,25,409 Crore and imports were Rs 70,907 Crore, the Minister added.

However, he also pointed out that the services sector has large potential but it has not been harnessed fully.

Goyal said that the segment, which has been most successful in the Services, is the IT and allied services, and it flourished due to its own capabilities, and without seeking much of the Government’s support, which many times comes with the bureaucratic strings and control as well.

While urging industry to develop competitive advantage, focus on quality, and explore new destinations and services, the Minister said, the Government also has priorities and limitations- it can make focused and policy interventions, help the sector/industry in its nascent stages/startup level, help them grow, check the unfair practices, but can’t be seen providing support all the time.