Union Minister of Commerce and Industry, Suresh Prabhu, released two booklets and videos on achievements of Ministry of Commerce and Industry.
Speaking on this occasion Suresh Prabhu said that Department of Commerce has identified 9 sectors of gems and jewellery, leather, textiles, engineering, electronics, chemicals, pharma, agriculture and marine products to achieve at least 16% growth in exports in FY 19. Commerce Minister further said that the Ministry has formulated India’s first ever Agriculture Export Policy to double farmers’ income by 2022, to boost India’s agricultural exports to USD 60 billion by 2022 and double India’s share in world agriculture.
Commerce Minister further added that the focus of the Ministry will continue to be on the manufacturing sector where India has the capacity to transform into a hub for global exports in many products. But India’s prowess in services gives the country global edge and the large domestic market allows economic growth at a steady 7 percent.
Suresh Prabhu added that India’s goods export will peak at USD 330 billion in 2018-19 which will be the highest ever. India’s exports have seen high growth in the last six years through sector specific interventions, focused export promotion initiatives, greater transparency and quick resolution of issues. With the structural reforms that have been putin place over the last five years by the Ministry and action oriented plans for major sectors, Commerce Minister said that he is hopeful that India is on the path to become the 5th largest economy this year.