Earnings season, global cues to shape market trends
Markets will continue to focus on the earnings season and global cues in the upcoming week.
Minister of Railways, Commerce and Industry Piyush Goyal on Tuesday said that India’s service sector can help the government in achieving its target of $5 trillion Gross Domestic Product (GDP).
The union minister made the statement at the inauguration of the fifth Global Exhibition on Services-2019 at the Palace Grounds, being held in Bengaluru. He said, it is the manufacturing and services industry that will be the growth engines of the economy.
Goyal further added, the services sector has the potential to be the largest job creator in the country and over the next five years it has the potential to contribute $3 trillion to the GDP, out of the $5 trillion target set by the government.
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While addressing the gathering Goyal emphasised that the two sectors need to work together, as without services, manufacturing cannot succeed and without manufacturing, services cannot grow.
According to Goyal, the country needs to move beyond business process outsourcing (BPO) 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.
The three-day event has been organised by the Ministry of Commerce and Industries, the Karnataka government, the Services Export Promotion Council and the Confederation of Indian Industry (CII).
(With input from agencies)
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