Exports likely to touch $350 bn in current fiscal, says commerce minister Suresh Prabhu
In 2017-18, the country's merchandise exports grew by about 10 percent to $303 billion
New Delhi: India's exports would register healthy growth rates in the coming months and are expected to touch $350 billion in 2018-19, Commerce and Industry Minister Suresh Prabhu said on Wednesday.
He also said that services sector is set to become a dominant driver of the Indian economy and will contribute $3 trillion to the GDP by 2025.
A commerce ministry statement, quoting Prabhu, said that the services sector contributes significantly to India's increased productivity and competitiveness.
The minister also said that India is pushing for export of services to countries in Africa and Latin America.
"Despite increasing global protectionism, exports will continue to register healthy growth rates and is expected to touch $350 billion in the current fiscal," he added.
In 2017-18, the country's merchandise exports grew by about 10 percent to $303 billion.
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The GDP growth in April-June quarter this fiscal stood at 20.1 percent. The Indian economy had contracted by 24.4 percent in April-June last year