The Commerce and Industry Minister Suresh Prabhu has said that India’s goods and services exports, which are recording healthy growth so far, would surpass $500 billion in fiscal 2018-19, despite challenges being faced on the global trade front.
Prabhu has stated that the ministry is working on identifying new products and new markets to further push the shipments. For the period between April 2018 and January 2019, exports (merchandise) grew 9.52 percent to $271.8 billion. India export services worth about $130-150 billion per year.
Talking about proposed new industrial policy, he said everything is ready including an action plan for the implementation of the policy and only Cabinet's approval is required. The new industrial policy aims at boosting manufacturing sector growth, promote foreign technology transfer and attract overseas investments.