Exports likely to touch $350 bn in current fiscal: Prabhu

TIL Desk/Business/New Delhi/ Indian exports are expected to rake up healthy growth rates in the coming months and is likely to touch $350 billion by end of the current financial year, Commerce Minister Suresh Prabhu said on Wednesday.

Speaking at the second Services 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.

“Despite increasing global protectionism, exports will continue to register healthy growth rates and is expected to touch $billion in the current fiscal (2018-19),” he said. “In order to give a boost to the services sector, the Commerce Ministry has identified 12 champion services sectors for which Cabinet has approved a dedicated fund of Rs 5,000 crore to support initiatives for sectoral action.”

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.