What are the champion service sectors identified by the union commerce ministry? What is the significance of the move?
The Union Cabinet has approved the proposal of the Department of Commerce to give focused attention to 12 identified Champion Services Sectors for promoting their development and realizing their potential.
The 12 identified Champion Services Sectors Information Technology & Information Technology enabled Services (IT & ITeS), Tourism and Hospitality Services, Medical Value Travel, Transport and Logistics Services, Accounting and Finance Services, Audio Visual Services, Legal Services, Communication Services, Construction and Related Engineering Services, Environmental Services, Financial Services and Education Services.
India is a Knowledge economy with the services sector contributing to more than 50% to the GDP. This recognition as champion service sectors with an action plan of Rs. 5000 cr will aid in augmenting the capabilities of these sectors. The large population provides India with a natural advantage in the service sector. The recent proposal can aid in channeling this natural advantage to augment the national interests. Thus attracting higher investments and aiding in job creation for the encashing of demographic dividend.
What are the champion service sectors identified by the union commerce ministry? What is the significance of the move? [ET]
Published: March 5, 2018 | Modified:June 27, 2019