Current scenario of services sector in India notes-CSEET
Current scenario of services sector in India notes-CSEET:
ICSI CSEET: The Council of the ICSI has released a notice regarding CSEET on the day of the inauguration of ICSI Golden Jubilee Celebrations on 4th Oct 2017.
The Gazette Notification on the Company Secretaries (Amendment) Regulations, 2020 has been published on 3rd February 2020 in the Official Gazette of India and the same shall be applicable from the said date of publication.
Now ICSI Published a notice regarding CSEET Test which going to start from 2020 May.
We are now going to discuss the details of CSEET Paper-3 Economics and Business Environment notes – Current scenario of services sector in India
Current scenario of services sector in India notes:
The services sector is a key driver of India’s economic growth. Nikkei India Services Purchasing Managers’ Index (PMI) stood at 53.8 in May 2019, indicating an expansion but fall in June 2019 to 49.6.Strong overseas demand and new export business opportunities helps to boost total sale in country.
Services exports are a key driver of India’s growth and India ranked as the eighth largest exporter of commercial services in the world in 2017.India is currently the second largest telecommunication market and has the 2nd highest number of internet users in the world.
Major Government Initiatives
- Services Exports from India Scheme (SEIS)
(a) SEIS is aimed at promoting export of services from India by providing duty scrip credit for eligible export.
(b) Under this scheme, a reward of 3 to 5 per cent of net foreign exchange earned is given for Mode 1 and Mode 2 services.
(c) In the Mid-term review of FTP 2015-20, SEIS incentives to notified services were increased by 2 per cent.
- National Digital Communications Policy 2018
The National Digital Communications Policy 2018 envisages three missions:
(a) Connect India: Creating Robust Digital Communications Infrastructure.
(b) Propel India: Enabling Next Generation Technologies and Services through Investments, Innovation and IPR generation.
(c) Secure India: Ensuring Sovereignty, Safety and Security of Digital Communications.
- National Tourism Policy 2015
(a) Formulation of National Tourism Policy 2015 that would encourage the citizens of India to explore their own country as well as position the country as a ‘Must See’ destination for global travellers.
- National Health Policy 2017
(a) The Union Cabinet, Government of India, has approved the National Health Policy 2017, which will provide the policy framework for achieving universal health coverage and delivering quality health care services to all at an affordable cost.
- National Education Policy, 2016
(a) The new 2016 National Education Policy (NEP) considers education as an utmost important parameter in the country. The 2016 NEP majorly focuses on quality of education as well as innovation and research in the sector.
- FDI Policy
(a) 100 per cent FDI is allowed under automatic route in scheduled air transport service, regional air transport service and domestic scheduled passenger airline.
(b) Approval of 100 per cent FDI in aviation for foreign carriers.
(c) 100 per cent FDI is allowed under the automatic route in tourism and hospitality, subject to applicable regulations and laws.
(d) The Government of India allowed 100 per cent FDI in the education sector through the automatic route since 2002.
(e) For the healthcare sector, 100 per cent FDI is allowed under the automatic route for greenfield projects and for brownfield project investments, up to 100 per cent FDI is permitted under the government route.
(f) FDI cap in the telecom sector has been increased to 100 per cent from 74 per cent; out of 100 per cent, 49 per cent will be done through automatic route and the rest will be done through the FIPB approval route.
(g) Government has allowed 100 per cent FDI in the railway sector for approved list of projects.
(h) FDI limit for insurance companies has been raised from 26 per cent to 49 per cent and 100 per cent for insurance intermediates.