Lack of regulatory alignment with global standards in the service sector and resistance to foreign competition are among the chief deterrents in India’s efforts to strike deals with global services leaders such as the European Union and the United Kingdom (UK) that could boost services jobs in the country, a government official told The Indian Express.
However, India is on the “same page” with free trade agreement (FTA) partners on movement of business professionals as there is a strong demand for Indian professionals in the UK and European businesses too, the official said, adding that India needs business mobility for smooth movement of goods and services and “nobody is disputing it”. Trade deals in the service sector assumes significance as India’s service sector contributes over 50 per cent to the gross domestic product but the growth has not been inclusive as the sector absorbs less than a third of the Indian workforce largely due to outdated regulations and barriers on foreign direct investment (FDI).
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