Highlighting the efforts being taken by the government to boost exports, Commerce and Industry Minister Suresh Prabhu has said that India’s export is likely to grow at around 20% in June month. He also noted that India will not be affected by the headwinds at global trade level.
Suresh Prabhu further underlined that the ministry is working on a detailed strategy to increase exports at a rapid rate and added that exports should be treated as priority sector lending by the banking system, in order to resolve credit-related issues of exporters. The ministry will be holding a meeting with Indian Bank Association to discuss the same issue.
Besides, Commerce Minister said that the government is dealing with the matter of US challenging India's export benefit schemes in the World Trade Organisation (WTO), noting that 'we have to follow the rules of WTO'. However, Prabhu raised concern that these are challenging times for global trade as countries are taking protectionist measures. He also added that countries are trying to put sanctions for their benefit but it would not give positive results as economic sanctions essentially mean 'that you are cut-off from rest of the world'.
Meanwhile, the country's merchandise exports reported growth of 201.8% in May, highest in six months to $28.86 billion and the official figures for the month of June will be released by Commerce Ministry on July 15.