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

Press Trust of India July 25, 2018 15:47:45 IST
Exports likely to touch $350 bn in current fiscal, says commerce minister Suresh Prabhu

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.

Exports likely to touch 350 bn in current fiscal says commerce minister Suresh Prabhu

Representational image. Reuters.

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.

Updated Date:

also read

How Modi government is unshackling debt market to help India navigate the post-Covid-19 economic landscape
Business

How Modi government is unshackling debt market to help India navigate the post-Covid-19 economic landscape

The Centre’s decision to widen and deepen India’s debt markets is perfectly timed to give the country the much-needed growth momentum

India resumes Vaccine Maitri initiative: All about the programme and why it was paused for 7 months
India

India resumes Vaccine Maitri initiative: All about the programme and why it was paused for 7 months

Here’s everything you need to know about the Vaccine Maitri scheme and why it was cancelled.

India's economic growth slows to 8.4% in second quarter of 2021-22
India

India's economic growth slows to 8.4% in second quarter of 2021-22

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