Importance of Services Sector in Global Trade

The Services Sector plays an integral role in Economic Development. The services sector is not only the dominant sector in India’s GDP, it is also the fastest growing sector and the largest employer in the Indian economy. Realising these factors, the World Trade Center (WTC) Navi Mumbai in association with the D Y Patil University School of Management (DYPUSM) and the World Trade Centre Mumbai organised a seminar on the “Importance of Services Sector in International Trade” at the DYPUSM Seminar Hall in Navi Mumbai on 7th February 2019.
There were more than 100 participants in the seminar including, representatives from MSME’s and MBA students. The Honourable Guest speakers in this seminar included, Dr. R. Gopal, the Director of DYPUSM, who was the keynote speaker at the seminar, Mr. Deepak Shidhaye, the CEO of DMT International & the Director of Rex Fuels and Mr. Sanjiv Ray, who was representing the Raigad Chamber of Commerce. Other speakers included Mr. A O Kuruvila & Mr. Jayant Ghate, the Advisors of WTC Mumbai and WTC Navi Mumbai respectively.
Mr. Kuruvila, while welcoming the participants provided a brief about what exactly is the Services Sector and how does services sector assist in international trade. He mentioned that the Indian Services Sector was worth nearly $1 trillion. He also mentioned how the WTC with its largest network of over 330 WTC’s in more than 100 countries around the world helps companies by providing Trade Promotion Services, Trade Education Services and Trade Information Services. He also announced that the WTC Mumbai will be organising its flagship event GES 2019 during March 6th – 8th 2019 and its theme is on Services Sector.
In his opening remarks, Mr. Jayant Ghate from WTC Navi Mumbai outlined the World Trade Centers Association (WTCA) and how its largest network of WTC’s around the world help in promoting International Trade. He also mentioned about the WTC Navi Mumbai is promoted by the Raheja Universal Group and actively provides Trade Promotion Services by conducting various Country Seminars and also conduct Entrepreneurship awareness programs. WTC provides Trade Information Services through its monthly magazine TIPS Bulletin and also conduct training programs on Import-Export. It is expected that in the next 3-4 years the WTC complex would be constructed which will include office towers, Exhibition & Convention center, Shopping malls and residential facilities.
The Keynote Speaker at the seminar was Dr. R Gopal, the Director of DYPUSM. He briefly provided a holistic view about the Indian Services Sector and its composition and contributions to International Trade. He also emphasized on the importance of different services sector notably the IT & Outsourcing services of India, Professional services, Health Services and the Education services. He also mentioned that the Indian Services Sector has a very optimistic future potential and by the year 2030, it is expected to become the largest services industry in the world. He stated a few challenges faced by the Indian Services and how initiatives are being implemented to tackle these. Mr. Deepak Shidhaye provided an overview of the Indian Services Industry and also strongly emphasized on the Indian Logistics Industry and mentioned how the logistic industry can be the backbone of any economy. Mr. Sanjiv Ray emphasized the importance Supply Chain Management (SCM) Industry and how it can be efficiently managed using IT services and its benefits to the Indian economy.
The Seminar was compeered by Mr. Abhishek Bhattacharya, Associate of WTC Navi Mumbai and MBA student of DYPUSM. The seminar provided networking opportunities where the businesses and students could meet the industry experts to gain further knowledge about the industry. The seminar was a great success and provided the businesses and the students the much needed practical knowledge about the Indian Services Sector.