Indian exports are expected to rake up healthy growth rates in the coming months and are likely to touch $350 billion by end of the current financial year, according to Minister of Commerce Suresh Prabhu.
Speaking at the second Service Excellence Awards organised by industry body ASSOCHAM, the Minister also said that the services sector is set to become a dominant driver of the economy and will contribute $3 trillion to the GDP by 2025.
“In order to provide a boost to the services sector, the Commerce Ministry has identified 12 champion services sectors for which the Cabinet has approved a dedicated fund of ₹5,000 crore to support initiatives for sectoral action,” he stated.
Noting that the services sector contributes significantly to India’s increased productivity and competitiveness, Prabhu said that high quality of the champion services sectors will further boost exports of various services from India.
He also said that India is pushing for export of services to countries in Africa and Latin America. “India has a two-pronged agenda with its trading partners of allowing professionals from India to travel abroad and trade facilitation in services export,” he added.
Indian merchandise shipments have been on a rising curve and as per official data earlier this month, exports in June at $27.7 billion rose by 17.57 per cent over the same month in 2017. But with higher crude prices increasing oil import costs by more than half over the last year, the country’s trade deficit soared to $16.60 billion
