India eyes at Industrial Revolution 4.0; huge opportunities for high-tech mfg, SMEs: Commerce Ministry

New Delhi, Apr 18 (KNN) India’s service sector must buckle up to take advantage of the Industrial Revolution 4.0 which is expected to bring in huge opportunities for the high-tech manufacturing sector, Commerce & Industries Minister Nirmala Sitharaman has said.

The minister said that the next level of industrial revolution includes use of robotics, artificial intelligence and increasing digitisation.

She said this at the inaugural session of the four day long Global Exhibition of Services that is expected to have more than 550 participants from over 73 countries.

Emphasizing the importance of service sector, Sitharaman said that India has relaxed its visa regime to facilitate movement of tourists and businesses.

Highlighting the presence of desirable business ecosystem in the country, Sitharaman said “In 2014-15, there was a dip in global services trade. Despite this, India recorded two-and-a-half times more growth,” citing a WTO report.

“India’s share in the global services trade continued to be at 3.3 per cent and the Government is doing its best to facilitate this sector with its policies” she added. 

Commerce Secretary Rita Teaotia, who was also present at the event, said that along with the large business houses, there are huge opportunities for SMEs as well.

Emphasizing the need to maintain quality she further said "We also need to focus on quality aspects for services.  Foreign direct investment has increased from 1.7 per cent of GDP to 3.2 per cent of GDP this year and a lot of these inflows are coming in services space”.

MSME, Export Promotion and Textiles Minister of Uttar Pradesh Satyadev Pachauri who was also present at the event sought investments from both foreign and domestic investors in the sector.

He also proposed the Centre to develop the Jewar airport aiming at promoting tourism industry in Uttar Pradesh. (KNN/ DA)