Exports likely to touch USD 350 billion in FY19, says Prabhu
New Delhi: India’s exports would register healthy growth rates in the coming months and are expected to touch USD 350 billion in 2018-19, Commerce and Industry Minister Suresh Prabhu said on Wednesday.
He also said that services sector is set to become a dominant driver of the Indian economy and will contribute USD 3 trillion to the GDP by 2025.
A commerce ministry statement, quoting Prabhu, said that the services sector contributes significantly to India’s increased productivity and competitiveness.
The minister also said that India is pushing for export of services to countries in Africa and Latin America.
“Despite increasing global protectionism, exports will continue to register healthy growth rates and is expected to touch USD 350 billion in the current fiscal,” he added.
In 2017-18, the country’s merchandise exports grew by about 10 per cent to USD 303 billion.