30th October 2024, New Delhi: The Services Export Promotion Council (SEPC), under the aegis of the Ministry of Commerce and Industry, Government of India, hosted a groundbreaking initiative, the Global Services Export Conclave (Hybrid Mode) on the 29th October 2024 at Hotel Le Méridien, New Delhi.
The comprehensive one-day forum brought together industry leaders, policymakers, and sector experts to advance India's capabilities in infrastructure, space, energy (including nuclear), and defence services globally.
Graced by the Chief Guest Shri Senthil Nathan S, Director, Ministry of Commerce and Industry, Government of India, the event focused on critical regions, including Oceania, Northeast Asia, Asia and CIS, Africa, GCC, LAC, NAFTA, and the EU. The sessions addressed India’s market potential, sectoral offerings, and emerging trends for consultancy services supported by multilateral funding agencies.
Addressing the conference, Chief Guest, Shri Senthil Nathan S, Director, Ministry of Commerce and Industry, Government of India said, “India's services exports are set to overtake manufacturing exports shortly – by the end of the decade, if not sooner. This transformation is fuelled by manufacturing itself becoming more service-ified, with AI, IoT, and 3D printing revolutionising production processes and enabling us to compete globally," said Mr. Amit Sharma. "Our future is engineered, from the homes we live in to the roads we travel. These silent background minds make life happen, delivering ease of living, as our Honorable PM says, through invisible engineers. I believe that with the right synergies between government, industry, and educational institutions, we are strengthening our talent pipeline – over one and a half million engineers annually – and building a workforce ready to shape the next wave of innovation. Through efforts to skill and reskill, our economy will not only close skill gaps but also set a new benchmark in engineering efficiency, driving India’s exports and global standing."
Speaking to the conclave Dr. Abhay Sinha, Director General, SEPC shared, “As we gather for this important conclave, I am proud to report that India's services exports have shown remarkable growth, rising from $325 billion in 2022-23 to an estimated $341 billion in 2023-24. Notably, the engineering services sector has made a vital contribution, increasing from $31 billion to $35 billion within the same period. This sector is projected to grow further, potentially reaching $100 billion by 2030 if we maintain a compound annual growth rate (CAGR) of 18%. Our focus on engineering, design, construction, and R&D will be crucial in harnessing these opportunities. I am looking forward to the industry and the ministries coming together focus on opportunities like expos etc that focuses on capturing new ememarkets in emerging.
Today’s discussions on opportunities and challenges within the LAC, NAFTA, and EU regions, underscore the vast economic potential awaiting Indian businesses. The digital age offers us a unique advantage to bridge the geographic distance that once posed challenges, allowing sectors to expand globally. With the support of the Ministry of External Affairs, the Ministry of Commerce, and our embassies, we’re committed to easing entry-level barriers and driving initiatives that empower small and medium enterprises to explore new markets. The insights from today will help shape actionable outcomes, supporting India’s growing footprint in these key international arenas.”
Mr. Amit Sharma, Design & Engineering Consulting Services Sector Head, SEPC and Managing Director, Tata Consulting Engineers Ltd shared, “India’s engineering and scientific achievements stand as benchmarks in the global arena. From the potential of small modular reactors in decarbonisation and the impact of high-speed rail on transportation to the success of Chandrayaan 3, these milestones highlight our capabilities.
We are witnessing a thriving services export economy driven by engineering services, which have generated an estimated $34 billion, growing at 15%. Our consulting services are also expanding at an impressive 25%, showcasing expertise in energy transition and supply chain resilience.
With the Ministry of Commerce planning an engineering and plant-focused symposium, India is well-positioned to align its strengths with global demand. The growth of this sector and the dedication of our engineers and innovators promise a bright future where India continues to set new standards in engineering and innovation worldwide and I hope we will continue having such gatherings to pave the way forward.”
The event encompassed the differentiated value India brings to the global stage, examining opportunities, challenges, and risks associated with international growth, alongside practical insights for expanding business footprints across diverse markets.
About SEPC:
The Services Export Promotion Council (SEPC) is an apex trade body established by the Ministry of Commerce and Industry, Government of India, in 2006. Its primary objective is to facilitate and promote India's service exports, acting as a vital interface between the services industry and the government. SEPC plays a crucial role in shaping policies, organizing promotional activities, and enhancing global business opportunities for Indian service providers, thereby contributing significantly to the country's economic growth.
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