India's 3-pronged strategy to raise share in global trade

Government is working on a three-pronged strategy to increase the share of India's services sector in the global trade, Commerce Secretary Rajeev Kher said on Saturday.

He said that still there are several constraints in the sector including legal and education. "We are aware of the kind of constraints which we have in the legal services area, in education and in several other areas," he said, adding the department of commerce is working on this reform agenda.

He also said the ministry has announced incentives to boost services exports from India and organising seminars and conclaves to involve more and more stakeholders in the process.

"With this three-pronged strategy and an overall approach of product and market diversification, we propose to garner a larger share of services in the global trade which at present is 3.2 per cent," Kher said while addressing the Global Exhibition on Services 2015.

The three-day exhibition, which ended today, witnessed participation of 350 exhibitors from 60 countries and 18 Indian states.

"We also propose two ways to pursue our trade agenda in services - looking at modern services and how they compliment our initiative; and less attended area of commercialising traditional Indian services like ayurveda and traditional music," he added.

Commerce and Industry Minister Nirmala Sitharaman said the exhibition will be an annual global event to be held in February of every year.

"Next year, it will be held on February 24 to 26," she said. She hoped that the services sector would be able to double its income in the next four years.