Union minister Piyush Goyal said on Tuesday that India's service sector can help achieve the central government's target of $5 trillion gross domestic product (GDP). The services sector has the potential to be the largest job creator in the country and over the next five years it has the potential to contribute $3 trillion to the GDP, out of the $5 trillion target set by the government, said Mr Goyal, the minister of railways, commerce and industry.
At the inauguration of the fifth Global Exhibition on Services-2019 at the Palace Grounds here, he said it is the manufacturing and services industry that will be the growth engines of the economy.
He emphasised that these two sectors need to work together, as without services, manufacturing cannot succeed and without manufacturing, services cannot grow.
According to Mr Goyal, the country needs to move beyond business process outsourcing (BPO) and work towards adopting new age technologies such as artificial intelligence, block chain, machine learning and engage with the rest of the world on equal terms.
The three-day event has been organised by the Ministry of Commerce and Industries, the Karnataka government, the Services Export Promotion Council and the Confederation of Indian Industry (CII).
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