Govt working on plan to raise share of exports in GDP to 20%: Suresh Prabhu

Posted by Daily Shipping Times on 07-02-2018        Tweet

NEW DELHI: The Government will come out with a strategy document on increasing the share of exports to 20% of the GDP, Commerce Minister Suresh Prabhu said recently.

In an interaction with export promotion councils in Kolkata, he asked the industry to come up with a detailed plan to push the Country’s exports.

“He informed that Government is also coming up with strategy document to increase export to 20% of GDP.  For this he requested industry to come up with proper business plan to increase exports,” the Commerce Ministry said in a tweet.

According to Federation of Indian Export Organisation (FIEO), the current share of exports in GDP is 18-19%.

In his budget speech last week, Finance Minister Arun Jaitley had said that India’s exports are likely to expand by about 15% in the current fiscal, ending March 31.

“Indian economy is now $2.5 trillion - seventh largest in the world. India is expected to become the fifth largest economy very soon,” he had said.

The Country’s merchandise shipments rose 12.36% to $27.03 billion in December 2017. Cumulatively, exports during the April-December period of 2017-18 grew by 12.05% to $223.512 billion.