In order to boost world economy, the Commerce and Industry Minister Suresh Prabhu has said that global trade which is facing headwinds, need to tackle these challenges properly. He mentioned that there are several empirical evidences that growth in global trade helps boost domestic economies as well and therefore India really need to focus on it adequately.
Prabhu further said that services trade is growing faster than merchandise and such dynamic changes need to be captured in the global trading system and there is need to focus on reviewing norms for movement of professionals. He added that the government is working on a comprehensive strategy to boost services exports and $1 billion will be spent to promote 12 champion services sectors. He also said that the pre-requisite thing for delivery of services is movement of people and that must be recognised globally and they should work on that.
Talking about exports growth in India, the Minister said the ministry has prepared a detailed strategy to increase the shipments. He highlighted that exports of goods and services in 2017-18 grew by about 12%. Besides, on the Indian economy he said the country’s economy would touch $5 trillion in next eight years and definitely need to have dollar one trillion from exports of goods and services and they are ready with the strategy for this.
