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Service sector has potential to contribute to achieve target of $5 trillion GDP: Goyal

Expressing optimism over growth of India’s economy, the minister of Railways, Commerce and Industry Piyush Goyal has said the country’s service sector can help achieve the Central government’s target of $5 trillion Gross Domestic Product (GDP). He said 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 $3 trillion out of the $5 trillion GDP target set by the government.

He further said it is the manufacturing and services industry that will be the growth engines of the Indian economy. He highlighted that these two sectors need to work together, as without services, manufacturing cannot succeed and without manufacturing, services cannot grow.

The minister also said India needs to move beyond Business Process Outsourcing and work towards adopting new age technologies such as artificial intelligence, block chain, machine learning and engage with the rest of the world on equal terms.

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