Govt promoting exports to reach USD 5 trillion economy in next 5-7 years: Suresh Prabhu
Union Minister of Commerce & Industry and Civil Aviation, Shri Suresh Prabhu said that the Government of India has taken several steps to promote Indian Exports which will enable India to become 5 trillion Dollar economy in the next seven years.
He was addressing the members of Federation of Indian Export Organisations, Trade Associations, Chambers of Commerce in Chennai on 21 June 2018.
The Minister observed that the Indian Manufacturing Sector, the Service Sector and the Agricultural Sector have an excellent growth and export potential to achieve this status. He said India has a great advantage in the next decade as the Service sector will grow faster than Merchandise. And that around 2/3rd of Indian Economy is based on the Service Sector.
Rs. 5000 CRORE FOR 12 CHAMPION SECTORS
He also said that the Government would be investing Rs. 5000 crore for 12 Champion sectors. For the first time in India, Services Exports Promotion council has been created. He said both Agriculture and Horticulture production will be touching 620 Million tonnes compared to 500 million tonnes last year and that for the first time an Agricultural Export Policy has been framed.
He also said that Government wants to start 10 Missions of Exports and would like to open Export Promotion Offices at major International Trade Centres globally. Minister assured the exporters that, all export incentives will be made WTO compatible to avoid any hurdles.
Minister also said that he had recently held meeting with the bankers and asked them to bring exports under priority sector lending.
The interaction was also attended by Shri. CP Rao, Principal Chief Commissioner, GST & Central Excise, Tamil Nadu and Puducherry,
Shri. Prakash Kumar Behera, Commissioner of Customs, Chennai, Smt. Padmashri, Commisioner of Customs, Chennai and Shri. D.K. Sekar, Zonal DGFT.