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. www.wtcmumbai.org
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