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India aims for US$1trn from goods and services exports

Govt to spend US$1bn on promoting services

Minister Prabhu.

India aims for US$1 trillion of goods and services exports in its US$5 trillion economy by year 2026-27. Citing the export potentials, Commerce and Industry Minister Suresh Prabhu has called for services to be captured in the global trading system as it is growing faster than merchandise.

“Such dynamic changes (in exports) need to be captured in the global trading system,” he told the 6th Growth Net Summit, being held in New Delhi on 18-19 June 2018.

The summit was organized by AnantaCenter and Confederation of Indian Industry (CII) with Smadja&Smadja.

Services trade requires movement of people, unlike merchandise trade, said the Minister.

Indian goods and services exports grew by over 12% over the last one year, he pointed out.

Prabhu also disclosed that the government is working on a comprehensive strategy to boost services exports.

He said US$1 billion will be spent to promote 12 champion services sectors.

For the first time, a strategy of products in new markets is being developed.

Exports are also being promoted in regions like Africa, Latin America and Central Asia, added the Minister.

Noting that the World Trade Organisation was created as part of a rules-based, multilateral, democratic and participatory institution for expanding global trade, he said that countries have recognized the value of global trade for fostering growth and creating jobs.

“India is working with other countries to ensure that WTO remains relevant,” he said.

The summit was organized by AnantaCenter and Confederation of Indian Industry (CII) with Smadja&Smadja. fii-news.com

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