WTC Mumbai in association with WTC Pune organized a seminar on the topic: Service Sector: Impact on International Trade at WTC Pune on 27th February 2019. This seminar was a prelude to the forthcoming Global Economic Summit on: “Services: Enabler of Growth for Trade and Industry”, which will be held at WTC Mumbai on 6& 7 March 2019.
Mr.Sidharth Rastogi, Managing Director, Ambit Asset Management in his opening address touched upon how the service sector evolved in the economy and how it is changing the economy as well employment. The share of service sector to the GDP is almost 77% in US. 95% of South Korean working population is in Services. After 34 years Germany started Aditya Shoe completely robotic. The new concept in service sector is experience selling. Every industry is shifting to service and experimenting. There won’t be any permanent jobs in future; it will be jobs according to your time and leisure. Investment towards services will be increasing in the capital funds. It will be seen that in 2to 3 years huge immigration is going to take place. Rural become massive urbanization and opportunities are plenty. Challenges or urbanization based on social demand and there will be lot of tuning to soft skills.
Mr. Aspy Bharucha, President FOREX division of Vadilal Enterprises spoke on the importance of risk management in international business. It is always advisable to get forward cover on your exports. Currency fluctuations are happening daily due to many factors. In India it happens mainly on sentiments. 50% of your profit of your profit or loss can be gained by forward cover of the currencies.
Mr. Tukuarm Gaikwad , Executive Director, Gaikwad Enterprises talked about the changes that is happening in the service sector. The risk factor in service exports are less that the merchandising sector. The incoterms like FOB and CIF are slowly changing to DDP concept. In 2-3 years one can expect more service oriented industries. Govt. is providing 10 5 incentive directly to the account of service providers who deal in INR account only the foreign customers.
In his welcome address Mr. A.O.Kuruvila, Advisor, WTC Mumbai explained the forthcoming Global Economic Summit and how it can benefit them. He has shown the video clippings about the importance of GES from the prominent speakers of the summit Mr. Robert Koopman, Chief Economist at WTO, Dr.Acditya Matto, Researcvh Manger at World Bank and Dr.Rupa Chanda, RBI Chair& Professor IIM Bangalore, which evolved much interest from the participants.
Mr. Nikhil Oswal, WTC Pune proposed the vote of thanks and explained the current infrastructure and future facilities WTC Pune bringing in to the newly developing city of Pune.