Millennium Post
Business

‘Explore new markets to boost services exports, earn more $’

Commerce and Industry Minister Anand Sharma said just as Indian merchandise exporters diversified their markets and tapped new economies, service exporters should also adopt the same strategy.

‘Even for services sector we need to look at other major markets. We have a strong presence in North America. Regions like Africa have huge opportunities and there you can be more cost competitive,’ Sharma said at the Services Conclave organised here jointly by the CII and the Commerce and Industry Ministry.

Sharma said besides IT and telecommunication, there is a need to focus on services such as healthcare, tourism and financial services. He said the share of India’s services sector in global trade is ‘still very low.’

‘We need to look at how we can enlarge our presence in the global market...we have to look at how we can reduce transaction costs like delays in cargo and reducing infrastructural bottlenecks,’ he added.

On visa curbs adopted by some developed countries, Sharma said Indian professionals have contributed a lot to the growth of such economies and movement of skilled professionals should not be hindered.

On the US legislation on immigration reforms, he said there is a differences between immigration and movement of skilled professionals. India has raised its concerns over some elements of US immigration reforms.

‘The new regulations affect the movement of Indian professionals, affects visa costs...it will be counterproductive and it is not a healthy approach,’ he said.
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