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The Economic Survey, tabled in the parliament on Friday, advocated for a strategic policy intervention to maintain the momentum of Global Capability Centres in the country.
Highlighting the significance of trainings, the Economic Survey further states that a focus on skill development is needed."As the country becomes a hub for Global Capability Centres and continues to innovate, focusing on skill development and strategic policy interventions will be key to sustaining this momentum. Strengthening emerging sectors and improving global competitiveness will ensure India remains a dominant player in the services sector in the times to come," the Economic Survey added. As per the survey, India's Global Capability Centres (GCCs) are emerging as strategic hubs reshaping the Indian corporate landscape while influencing global business dynamics. The number of GCCs in India has grown from approximately 1430 in FY19 to over 1700 in FY24. As of FY24, GCCs in India employ nearly 1.9 million professionals, as per the Economic Survey. Going further, acknowledging the importance of the service sector, the survey termed it as 'Old War Horse.'The service sector has been fuelling growth both domestically and globally. In FY25 so far, services propped up GDP growth when manufacturing has been affected by dampening global merchandise trade. India's services sector has been the steadiest contributor to the Gross Value Added (GVA) in the economy. Its contribution to the total GVA at current prices has increased from 50.6 per cent in FY14 to about 55 per cent in FY25. The growth in the service sector, as measured by YoY change in the real GVA by services, has been above 6 per cent in each year in the last decade, except for the Covid-19 pandemic that affected FY21. The average services growth rate before the pre-pandemic year was 8 per cent. The average services growth in the post-pandemic year, i.e., FY23 to FY25, has risen to 8.3 per cent. The service sector provides employment to about 30 per cent of the workforce. Services also contribute indirectly to the GDP through the 'servicification' of manufacturing, i.e., increasing utilisation of services in manufacturing production and post-production value addition, the Economic Survey Highlighted. India's share in global services exports has been steadily rising for the last two decades. This has helped compensate for the impact of oscillation in the share of merchandise exports in global merchandise exports to some extent. India ranks seventh globally, representing a 4.3 percent share in the global services export, says the Economic Survey. (ANI)
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