On 15th May, The President of India , Shri Ram Nath Kovind , inaugurated the 4th Global Exhibition on Services 2018 in Mumbai , Maharashtra. This exhibition was attended by 625 exhibitors, 500 international delegates from about 100 countries and 25 Indian states. He lauded the Ministry of Commerce and Industry of the Government of India, as well as the Government of Maharashtra, the Confederation of Indian Industry and the Services Export Promotion Council, for their participation in this initiative.
This would promote the services sector in deepening its roots in the indian economy and thus helping it to grow as the service sector has a significant role in the growing global economy.
Salient Features of the Exhibition:
- With the launch of 12 Champion sectors as a bold new step this would aid in creating jobs that will further grow the Indian as well as the global economy.
- The service sector contributes 61% to the gross added value and with the growing influence of technology this would engage the young population more (as they are more comfortable with technology) thus providing a natural advantage in the sector for India.
- The president commended the fact that unlike the early industrial age where jobs were created in the factories , today with the advent of fast paced technology the small but exciting startups are emerging and helping India and the service sector to grow not only nationally but also globally. With the young generation being more ambitious and hungry for growth this has pushed India to be the third largest centre of start-ups in the world.
- The pace of technology is enhancing the contribution of services in other sectors as well – including agriculture, infrastructure and manufacturing. This implies that the service sector forms the backbone of the 21st century global economy.
- Along with the help of governement’s programmes like Startup India and Mudra Yojna that has provided capital to 120 million small businesses the drive for enterpreneureship will help the startups sore high in coming years.
Pradhan Mantri Mudra Yojana and Startup India schemes:
- These are the schemes initiated by the Government of India to help build the start up environment and provide them with the sufficient capital and support to do so.
- Initial Corpus: Rs. 10000 crore has been allocated to the scheme of Start up India.
- The mudra yojana consistes of MUDRA banks that were operationalized to provide micro finance , low interest loans for enterpreneurs coming from low socioeconomic background.
- Initial Corpus: Rs. 200 bn has been allocated for the Micro Units Development and Refinancing Agency (MUDRA) banks.