Survey bets big on services exports
The Survey asked the Govt to take steps to provide licensing support and simplify procedures to accelerate exports in services sector.india Updated: Feb 27, 2006 16:50 IST
The Economic Survey asked the government to immediately take steps to provide licensing support and simplify procedures to accelerate exports in services sector, which grew by a whopping 75 per cent at 32.8 billion dollars during the first half of the current fiscal.
"Quick domestic policy reforms are needed especially in qualification, licensing requirements and procedures, to impart effective market access to our service providers," the Survey for 2005-06 tabled in Parliament said.
Stating that in addition to software and IT-enabled services, business services, including professional services had come to play a key role in enlarging services exports, the Survey noted that enormous opportunities in the sector made World Trade Organisations services negotiations more important for India.
However, the Survey said while India was negotiating for greater market access in developed countries, domestic regulations created barriers and needed to be removed.
To promote services exports which stood at 32.8 billion dollar in April-September, Government must provide relevant market information, reduce transaction costs besides providing appropriate export financing.
Leveraging the country's potential in the sector multilateral and bilateral negotiations and in Regional Trading Arrangements could give a boost to the sector, the Survey said.