Export target for 22-23 set at USD 300bn

By the end of this fiscal, services exports would reach USD 240 billion

PRAVASISAMWAD.COM

With international travel resuming in the coming months, the Services Export Promotion Council (SEPC) has proposed to set an export target of USD 300 billion for 2022-23. SEPC Chairman Sunil H Talati said in a report from PTI that by the end of this fiscal, services exports would reach USD 240 billion.

He went on to say to PTI that “with the hope of Covid-19 waning away soon, resumption of regular international travels and slew of activities toward business connectivity being planned and proposed by SEPC, we do intend to set a target of USD 300 billion for 2022-23.”

He also suggested that there would be support measures in the forthcoming Budget for the sector. The sector needed specific schemes for capacity building for sustained growth in the long run, he said. He also pointed out that a production-linked incentive scheme could help capital intensive services sectors like education, aviation, healthcare, research and development and film production.

“India needed to focus on services sector — while negotiating a free trade agreement — especially mode 4 (movement of professionals) of services supply and ensure that easier movement of services professionals like doctors, nurses, engineers, teachers, lawyers, IT trainers, accountants, bankers, are allowed to the markets of new FTA partners.”

SEPC has proposed an alternative scheme to SEIS (services export from India scheme). The scheme, DRESS (Duty Remission on Export of Services Scheme) will help boost shipments. “The challenges that each sector faces are unique and deserve acute policy attention. The need of the hour is a level playing field with manufacturing in terms of the incentives and support to tide over the pandemic. It is important to work towards a change in perception and giving services equal importance as manufacturing if not more,” Talati said

He also said that India needed to focus on services sector — while negotiating a free trade agreement — especially mode 4 (movement of professionals) of services supply and ensure that easier movement of services professionals like doctors, nurses, engineers, teachers, lawyers, IT trainers, accountants, bankers, are allowed to the markets of new FTA partners.

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