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Updated November 26th, 2019 at 22:54 IST

Service sector can help achieve target of USD 5 tn GDP: Goyal

Union Minister Piyush Goyal on Tuesday stated that India's service sector will play a key role in helping India achieve $5 trillion GDP

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Union minister Piyush Goyal on Tuesday said India's service sector can help achieve the Central government's target of USD 5 trillion GDP. The service sector has the potential to be the largest job creators in the country and over the next five years it has the potential to contribute USD 3 trillion out of the USD 5 trillion GDP target set by the government, Goyal, the minister of Railways, Commerce and Industry, said.

READ | Piyush Goyal congratulates RailTel for bringing Wi-Fi to over 5,400 stations

At the inauguration of the fifth Global Exhibition on Services-2019 at the Palace Grounds here, he said it is the manufacturing and services industry that will be the growth engines of the Indian economy. He emphasised that these two sectors need to work together, as without services, manufacturing cannot succeed and without manufacturing, services cannot grow.

According to Goyal, India needs to move beyond Business Process Outsourcing and work towards adopting new-age technologies such as artificial intelligence, blockchain, machine learning and engage with the rest of the world on equal terms. The three-day event has been organised by the Ministry of Commerce and Industries, Karnataka government, Services Export Promotion Council and the Confederation of Indian Industry.

READ | Not privatising Railways; only outsourcing some services: Govt

READ |Frequency of trains significantly increased in Kashmir: Railways

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Published November 26th, 2019 at 22:28 IST

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