Sunday, August 19 2018

July 28, 2018

India will definitely be able to become a 5 trillion dollar economy

Indias exports in 2017-18 were the highest

Mumbai-The Union Minister for Commerce & Industry and Civil Aviation Shri Suresh Prabhu has said that Indias exports in the year 2017-18 were the highest in last six years. He added that Indias exports have been growing at a higher rate in the last few months. He said that if we continue this, India may be able to register record growth in exports in the year 2018-19. The Minister was speaking as Chief Guest at the presentation ceremony of 44th India Gem & Jewellery Awards 2017, organized by Gem and Jewellery Export Promotion Council (GJEPC), in Mumbai. Prabhu said that this is the first time that world trade itself is facing fundamental challenges. He said that the entire edifice of WTO has been challenged, and that the future of the institution is in crisis. He stated that this raises the need for us to chart a path forward, based upon international trade as a key driver.

The Minister said that services export is growing faster than merchandise and that services export will be the key growth engine. He said that the Government has already decided to invest Rs. 5,000 crore in 12 champion services sectors to promote services. A comprehensive strategy based on market research has been formulated for export promotion, the Minister said.