Services sector needs to gear up for Industrial Revolution 4.0: Nirmala Sitharaman

India’s services sector must gear up to take advantage of Industrial Revolution 4.0, which will create huge opportunities in high tech manufacturing, Commerce Minister Nirmala Sitharaman said.

Emphasising on the growing importance of services sector, she said India has also relaxed its visa regime to facilitate movement of tourists and businesses.

At global platforms people are talking about Industrial Revolution 4.0 which would open huge opportunities for Indian companies in the services sector as there is a “servicification” of manufacturing, she said.

In manufacturing of goods, “a huge degree of services” are involved, Sitharaman said.

The next level of industrial revolution encompasses use of robotics, artificial intelligence, and increasing digitisation in which, according to experts, there is a big role of services sector.

The country is very strong in the segment and “there is so much opportunity for India,” the minister said at the Global Exhibition on Services here.

Citing a WTO report, she said that in 2014-15, there was a dip in global services trade but during the same period, India recorded two-and-a-half times more growth.

India’s share in the global services trade stood at 3.3% and “government is facilitating the sector with its policies”, she added.

Talking about the importance of visa regime for the sector, …read more