April 20, 2016 8:46 PM

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Service sector can transform India from developing economy to developed economy: Prez

President Pranab Mukherjee has said that services sector has emerged as an agent of change for the country and is driving the Indian economy in an inclusive and equitable manner. <br/><br/>Inaugurating the Global Exhibition on Services, GES in Greater Noida today, Mr Mukherjee said, service sector is the sector of the current millennium, in terms of generating employment, skill development, bringing in FDI, enhancing trade and boosting strategic partnerships. Mr Mukherjee said, service sector can play a key role in transforming India from a developing economy to a developed economy. <br/><br/>The President said, India has the one of the fastest growing service sector in the world with annual growth rate of above 9 percent and the contribution of the sector to overall GDP has increased sharply. <br/><br/>He said, the dynamism exhibited by India's service sector is largely a reflection of the liberalization. He said, results of the services sector post initial era of liberalization warrant that the process of reforms has to be further intensified to fully utilize its potential. <br/><br/>Giving an example of IT sector, which is one of the major service sector in India, Mr Mukherjee said, the success of IT sector needs to be replicated in other sectors also. He said, a digitised nation and a strong service sector can help in achieving sustainable and robust growth. <br/><br/>The President also stressed on skill development as services sector is a biggest source for employment in the country. Uttar Pradesh Governor Ram Naik, Communications Minister Ravi Shankar Prasad, Commerce Minister Nirmala Sitharaman, Culture Minister Mahesh Sharma were present on the occasion.

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