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

According to him, the major factor coming in the way of realising our full potential in services is our narrow mindset which envisions a conspiracy in every step we make towards progress. Hence, the response is to either delay or stop any progressive move. No wonder, we fall behind in the world's competitive battles.

This mindset has to be put behind and our aim should be to be a creator rather than the recipient of services. It needs to be realised that sectoral limits on FDI no longer make sense in an era when prohibitions can be breached by technology.

He further added that the new script that is being written and adopted by countries is the primacy of consumer choice in determining market outcomes. While China adopted this precept for Manufacturing by producing quality goods at world beating prices, India has adopted the same for services.

India has the potential to provide quality services at a fraction of the cost eg hospitals, tourism, smart cities. He said that we have the best hospitals which provide low cost quality services. However, we have taken long to liberalise our insurance sector. Similarly, our potential in tourism is constrained by our high cost hotels which are among the costliest in the world due to high taxes which are a deterrent.
End