We have the necessary prerequisites for building our advantage in services..

Services are more easily India's territory and we cannot afford to lose our advantage in this area. We have the necessary prerequisites for building our advantage in services - a large and growing population, a reservoir of rich and varied human resources and a population which demands quality services.

While in other major sectors - agriculture, manufacturing and mining - there are a number of regulatory and other challenges and which come in the way of unleashing our latent potential which is not the case with services where government intervention is minimal - said Arun Jaitley, Union Minister of Finance.

Elaborating further on the subject, Jaitley maintained that the services sector provided the opportunity to unleash its own energy and foster growth as it is not entirely dependent on availability of quality infrastructure or natural resources. Moreover, it is an area where chartering new territories would also depend on the creativity and imagination of the human mind.

Citing examples of the largest retailer, which has operations worldwide but does not own a single retail store or the largest taxi service which does not own a single vehicle, he said that numerous changes have been happening in the last few years which have made the the brick and mortar model less relevant. Similarly, services are expanding in new unchartered areas and new avenues are being opened up in cyberspace eg in education, banking, etc.

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