The government is planning to include construction industry in the ambit of the services sector to increase services exports to 15 per cent, said Kamal Nath, minister of commerce and industry at a National Conference on boosting services export.
G K Pillai, secretary department of commerce, said that since Indians were spending $4 billion studying abroad, the government was considering making quality higher education possible in India. For that, the government plans to help set up institutes and universities. We could allow 100 percent foreign stake in such ventures.
Entertainment, education and media have led the growth and with the addition of construction, it is hoped that the industry will get a further boost.
The minister stressed that the government will boost this sector on the basis of changing global architecture, large workforce and India's intellectual abilities.
He said India needs to create more jobs to absorb the 37 million people, projected to be unemployed, by 2012. For this, more universities and institutes of higher education are needed to create more knowledge workers. There is also need for more vocational institutes as well as institutes for upcoming sectors such as retail, tourism and aviation.
The secretary, however, pointed out that the ministry of commerce will shortly prepare an education policy discussion paper. The country has to urgently address the shortage of technically qualified people, especially with regard to the legal profession.
Ramadorai CEO of TCS, said that services contributed just 10 per cent to the country's exports currently. Of this, IT accounted for 28 per cent, BPOs for 37 per cent, tourism for 20 percent and telecom for the rest. In order to realise the 15 per cent target, it is necessary to expand higher education, have coordinated policies and build public-private partnerships.
However, there are still many bottlenecks it is necessary to get greater access to foreign markets, prepare the domestic economy to take advantage of liberalization. High tariff rates, a large fiscal deficit, rigid labour regulations and restrictions on the entry of Foreign Service providers can adversely affect the services sector.
Some impediments that were yet to be addressed include delays in procedures and permits. It takes any where between 88-100 days for an Indian entrepreneur to comply with official procedures and permits. In contrast, it takes just 46 days in China and 31 days in Malaysia.
There are 10 procedures in India as compared to 7 in Mexico.
Another major bottleneck are the major labour market restrictions. Its legal institutions are also less efficient. It takes as much as 365 days to enforce a contract in India compared to 210 days in Thailand, 180 days in China and 75 in South Korea
http://economictimes.indiatimes.com/articleshow/1965053.cms
:SugarwareZ-229:
G K Pillai, secretary department of commerce, said that since Indians were spending $4 billion studying abroad, the government was considering making quality higher education possible in India. For that, the government plans to help set up institutes and universities. We could allow 100 percent foreign stake in such ventures.
Entertainment, education and media have led the growth and with the addition of construction, it is hoped that the industry will get a further boost.
The minister stressed that the government will boost this sector on the basis of changing global architecture, large workforce and India's intellectual abilities.
He said India needs to create more jobs to absorb the 37 million people, projected to be unemployed, by 2012. For this, more universities and institutes of higher education are needed to create more knowledge workers. There is also need for more vocational institutes as well as institutes for upcoming sectors such as retail, tourism and aviation.
The secretary, however, pointed out that the ministry of commerce will shortly prepare an education policy discussion paper. The country has to urgently address the shortage of technically qualified people, especially with regard to the legal profession.
Ramadorai CEO of TCS, said that services contributed just 10 per cent to the country's exports currently. Of this, IT accounted for 28 per cent, BPOs for 37 per cent, tourism for 20 percent and telecom for the rest. In order to realise the 15 per cent target, it is necessary to expand higher education, have coordinated policies and build public-private partnerships.
However, there are still many bottlenecks it is necessary to get greater access to foreign markets, prepare the domestic economy to take advantage of liberalization. High tariff rates, a large fiscal deficit, rigid labour regulations and restrictions on the entry of Foreign Service providers can adversely affect the services sector.
Some impediments that were yet to be addressed include delays in procedures and permits. It takes any where between 88-100 days for an Indian entrepreneur to comply with official procedures and permits. In contrast, it takes just 46 days in China and 31 days in Malaysia.
There are 10 procedures in India as compared to 7 in Mexico.
Another major bottleneck are the major labour market restrictions. Its legal institutions are also less efficient. It takes as much as 365 days to enforce a contract in India compared to 210 days in Thailand, 180 days in China and 75 in South Korea
http://economictimes.indiatimes.com/articleshow/1965053.cms
:SugarwareZ-229: