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Kerala PSC Indian Economy Book Study Materials Page 306Book's First Page
10.10 ndian onom the use of individual logos for partnership and policy reforms10 in this regards are outlined in the single proprietorship accounting firms. These following way: regulations need to be relaxed and streamlined to facilitate tie-ups and penetrate foreign markets generAl issues given the potential for exporting these services by There are some general issues related to the policy the outsourcing mode. framework which hamper the healthy growth and expansion of the services sector in the country. legAl services They are broadly related to the following areas: In this sector, FDI is not permitted and international Nodal agency and marketing: Despite having strong law firms are not authorised to advertise and open growth potential in various services sub-sectors, offices in India. Foreign service providers can there is no single nodal department or agency neither be appointed as partners nor sign legal for services. An inter-ministerial committee for documents and represent clients. The Bar Council services has been set up to look into this. But is opposed to entry of foreign lawyers/law firms in services activities cover issues beyond trade and a any manner. Indian advocates are not permitted more proactive approach and proper institutional to enter into profit-sharing arrangements with mechanism is needed to weed out unwanted persons other than Indian advocates. regulations and tap the opportunities in the services sector in a coordinated way. There is also need for eDucAtion services promotional activities for service exports like, These come under the Concurrent List with (i) setting up a portal for services, multiple controls and regulations by central (ii) showcasing India’s competence also in and state governments and statutory bodies. non-software services in trade exhibitions, Regulations of minimum of 25 acres of land to (iii) engaging dedicated brand ambassadors establish a medical college restricts the setting up and experts. of medical colleges in cities like Delhi. Patient Disinvestment: There is plenty of scope for load factor regulations related to establishment disinvestment in services PSUs under both central of new medical colleges also need to be in tune and state governments. Speeding up disinvestment with present day equipment-intensive patient care in some services-sector PSUs could not only and modern practices and procedures of medical provide revenue for the government but also speed education. up the growth of these services. Credit related: The issues here include ‘collateral the need for reformS free’ soft loans to support the sector’s cash needs Indian services sector have the potential to garner and possibility of considering even export or higher economic benefits to the country. But 10. H.A.C. Prasad, R. Sathish, and Salam Shyamsunder there are many issues both general and sector Singh (2014), working paper 1/2014-DEA on specific including domestic regulations hinder the ‘Emerging Global Economic Situation: Opportunities growth prospects of the services sector. If these and Policy Issues for Services Sector’ and updates from some ministries and institutions, as quoted in, Ministry issues are addressed deftly the sector could lead to of Finance, Economic Survey 2013–14 (New Delhi: exponential gains for the economy. The need of Government of India, 2017), p. 190.