The President, Ram Nath Kovind visiting after inaugurating the Global Exhibition on Services-2018, at Mumbai, in Maharashtra on May 15, 2018. The Governor of Maharashtra, C. Vidyasagar Rao, the Union Minister for Commerce & Industry and Civil Aviation, Suresh Prabhakar Prabhu, the Chief Minister of Maharashtra, Devendra Fadnavis and other dignitaries are also seen.
The President, Ram Nath Kovind visiting after inaugurating the Global Exhibition on Services-2018, at Mumbai, in Maharashtra on May 15, 2018. The Governor of Maharashtra, C. Vidyasagar Rao, the Union Minister for Commerce & Industry and Civil Aviation, Suresh Prabhakar Prabhu, the Chief Minister of Maharashtra, Devendra Fadnavis and other dignitaries are also seen.

‘By 2025: India hopes to double the size of its GDP to US$ 5 trillion’ with services sector as US$ 3 trillion contributor

Fourth Global Exhibition on Services with 500 international delegates from about 100 countries at invitation of  Ministry of Commerce and Industry of the Government of India and the Government of Maharashtra, as well as their partners, the Confederation of Indian Industry and the Services Export Promotion Council to promote the Indian services domain and enlarge and deepen India’s engagement with the global services sector was inaugurated by the President of India on the 15 May 2018 at Maharashtra.
The President, Ram Nath Kovind in a group photograph at the launch of the 12 Champion Sectors in Services and inauguration of the Global Exhibition on Services-2018, at Mumbai, in Maharashtra on May 15, 2018.

President, Ram Nath Kovind in a group photograph at the launch of the 12 Champion Sectors in Services and inauguration of the Global Exhibition on Services-2018, at Mumbai, in Maharashtra on May 15, 2018.

“The launch of 12 Champion Sectors is a bold new step that will contribute to both India’s economy and the global economy, and will create jobs. In India, the services sector contributes 61 per cent in gross value added. With its young population, large talent pool and comfort with technology, India has natural advantages in the sector and is set to become even more of a provider of services to the world. India’s global services exports stood at 3.4 per cent in 2016. I am given to understand that the target is a 4.2 per cent share of global services by 2022. And frankly that is only the tip of the iceberg,” said President Ram Nath Kovind at inaugural of GES 2018.

By 2025, only seven years from now, India hopes to double the size of its GDP to US$ 5 trillion. Of this, I am told, the services sector could be a US$ 3 trillion contributor. And of that number, the government estimates that the Internet economy, incorporating e-commerce and other applications, could be as high as US$ 1 trillion. This is a pointer to the increasing integration of services and technology. And in turn that combination is changing the way in which we live and work, communicate and create and educate and entertain,” he added.
In the  age of the Digital Economy and the Fourth Industrial Revolution. In India, which is the third largest centre of start-ups in the world, this has thrown up a generation of young entrepreneurs, of men and women with hunger and ambition. Government programmes such as Start-up India and the Mudra Yojana, which has provided capital to 120 million grassroots businesses, have seeded a culture of entrepreneurship, largely in services, opined President Kovind.

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