8th Global Economic Summit Aims to Accelerate MSME Growth in India
by Shrutee K/DNS
This year’s theme - ‘Services: Enabler of Growth for Trade and Industry’ will have in-depth analysis on forces shaping the services sector that is influencing the course of the global economy
Mumbai, March 2, 2019: The 8th Global Economic Summit kicks off in Mumbai between March 6-8 with an aim to promote business competitiveness in the international trade. The Summit will provide an opportunity for entrepreneurs and MSMEs to engage with experts, business leaders, technocrats from India and over 25 countries. Organised by the World Trade Center Mumbai and All India Association of Industries (AIAI), the Summit will generate discussions to provide in-depth analysis of the forces shaping the services sector influencing the course of the global economy.
A resilient services sector is key to the success of Government of India’s flagship programs such as Make in India, Skill India, Digital India and Standup India, among others. The Summit’s focus on the service industry comes at a time when the Government of India is planning to increase the size of service sector industry to USD 3 trillion by 2025. The Summit will discuss, among others, issues propelling India’s speedy transition towards a digital economy driven by innovative technologies and their impact on financial services, retail, urban transportation, logistics, tourism, real estate and a host of other new age services.
The GES will be addressed by Mr Suresh Prabhu, Minister of Commerce and Industry, Mr Hardeep Singh Puri, Minister of State, Ministry of Housing and Urban Aﬀairs along eminent thought leaders, business leaders, policy makers, economists and experts.
Today’s transitional global economy is spearheaded by the services sector paving new opportunities in every sphere of economic activity. With service sector representing 50-60 per cent of economic activities countries like India and China, the GES will examine its impact on agriculture and manufacturing sectors, digital trade, data protection and privacy and digital innovation that is needed to make businesses competitive. With 50 per cent of Indians slated to live in urban areas by 2050, the GES will be also discussing the opportunities in the service-oriented development such as energy supply, waste management and digitised service delivery in the smart cities project.
“In the recent years, global trade has averaged about USD 22 trillion and about USD 5 trillion of that is in services. The World Trade Organisation (WTO) has done research on services trade and we expect developments in modern technology, particularly digital technology, to further advance services trade in the future from about 21 – 22 per cent to over 25 per cent of global trade flows by 2030,” added Dr Robert Koopman, Chief Economist and Director, Economic Research and Statistic Division, WTO.
The GES also providing a knowledge sharing platform to understand and meet the needs of today’s MSMEs. World Bank economist and panelist Dr Aaditya Matto stressed on the vitality of services for economic growth. “The services trade will continue to grow driven by digitisation and demographics,” he explained. Besides debates, discussions and exhibition, the Summit will see Business-to-Business (B2B), Business-to-Consumer (B2C), Business-to-Government (B2G) and Government-to-Government (G2G) meetings, Award show, field visits to Nashik, including engineering cluster, winery and food processing unit.