Well-designed regulatory ecosystem can further strengthen service exports: NITI Aayog
New Delhi, Aug 14 (IANS) As India approaches its demographic peak, professional services offer significant opportunities for high-skilled employment, entrepreneurship and innovation, a NITI Aayog report said on Friday, adding that a well-designed regulatory ecosystem can further strengthen service exports, cross-border mobility of professionals and the ease of doing business.
The report provides an indicative pathway for future policy dialogue and deeper examination of the regulatory foundations of professional services. As
Ashok Kumar Lahiri, Vice Chairman, NITI Aayog, launched the third report under the ‘Services Thematic Series’ in the presence of Nidhi Chhibber, CEO, NITI Aayog, and Dr. Saurabh Garg, Secretary, MOSPI.
According to an official statement, the report presents a unique factual assessment of India’s regulatory framework in professional services and benchmarks it against select foreign jurisdictions.
Drawing on extensive stakeholder consultations, it also identifies key challenges and outlines a way forward to strengthen the sector and unlock the full potential of India’s professional workforce.
The report said that professional services is a key sub-sector in the services economy, accounting for nearly a quarter of India’s total services exports.
As high-value, knowledge-intensive activities, they enable efficient delivery of downstream services, support job creation and remittance inflows, and form the backbone of the services value chain.
Understanding the regulatory ecosystem governing these services is therefore critical to unlocking further growth.
Further, the report adopts a balanced approach and provides sector-specific insights, alongside a four-pronged strategy to enhance the efficiency and output of professional services: harnessing emerging trends to transform professional services; elevate professional services within the services value chain; adoption of best practices in professional services, and continuous professional development for professionals.
As India advances towards ‘Viksit Bharat at 2047’, such efforts will be integral to building a globally competitive, inclusive and future-ready services sector, said NITI Aayog.
–IANS
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