Expressing hopes on good growth in exports, Commerce and Industry Minister Suresh Prabhu has said that India may register healthy growth rates in exports in the coming months, despite increasing global protectionism. He added that the country’s exports are expected to touch $350 billion in the current fiscal year (FY19).
Prabhu also said that services sector is set to become a dominant driver of the Indian economy and will contribute $3 trillion to the Gross Domestic Product (GDP) by 2025. The services sector contributes significantly to India’s increased productivity and competitiveness. He said that India is pushing for export of services to countries in Africa and Latin America.
In order to give a boost to the services sector Commerce Ministry has identified 12 champion services sectors for which Cabinet has approved a dedicated fund of Rs 5000 crore to support initiatives for sectoral action. Besides, India’s merchandise exports rose 9.8% to $303 billion during 2017-18, the highest growth rate in six year.
