Only focus can lift India's services exports: PM

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SME Times News Bureau | 24 Apr, 2015
In a bid to boost services exports beyond $155 billion annually, Prime Minister Narendra Modi on Thursday called for a targeted and scientific approach so that the trade not only knows India's inherent strengths but also what other nations need.

"Make the world think of India beyond information technology and yoga," the prime misister told the inaugural session of the three-day Global Exhibition of Services here, alluding to what he felt were India's best-known exports in the services domain.

The prime minister also dwelt on the country's favourable demographic profile, skewed in favour of the youth, and said India must take advantage of the global situation, notably among rich nations.

"We have to plan keeping in mind that 65 percent of people less than 35 years, and our population will get younger. We have also to see the world situation, where many countries could be handicapped due to manpower problems," Modi said.

In a speech peppered with statistics and several personal anecdotes, Modi said state governments and the private sector need to be involved in manpower development so as to tap the varied potential of very diverse workforce.

"India is so big and its manpower strength is so diverse that we need to map this to realise its full potential. Different regions, from Assam to Karnataka, have their own very special strengths," he said.

"India has to take stock of its manpower potential in a global context. By 2025, we can have a complete idea of which country needs what, we can map the requirement of all countries," the prime minister added.

Speaking earlier, Commerce Minister Nirmala Sitharaman said India's share in world services exports had grown from 1.1 percent in 2000 to 3.2 percent in 2015, increasing faster than its merchandise exports over the same period.

India was the 8th largest exporter of commercial services in 2014, she added.

Of the $151.5 billion services exports in 2013-14, computer services made up a whopping 46 percent.