Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, in his interaction with the leading trading houses and exporters in New Delhi last week, sought suggestions on formulating a strategy for increasing exports by USD 100 billion in the next few years. The meeting was organized by the apex body of exporters – FIEO.
Commerce and Industry Minister informed that the export performance has been encouraging, last year, merchandise exports crossed USD 300 billion and registered a growth of 10%, while in 2016-17 it was 5%. Total exports, including services, were at USD 498.47 billion and were up by 13.5% in 2017-18. This year also there has been a growth in merchandise exports of more than 20% each in May and June.
The Minister stated that he has already held two rounds of discussions with Secretaries of key Ministries for preparing sectoral export strategies. He said that states are also being consulted for preparing state specific export strategies. The FIEO was asked to prepare a strategy for increase in exports by USD 100 billion in the short term. EXIM Bank has also submitted its report about market research for exports. He urged the exporters to come up with suggestions to further increase exports by another USD 100 billion in short term.