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The Commerce and Industry Minister Suresh Prabhu addressed the exporters on Wednesday and said that Indian exports are growing and expected growth rate in June is about 20%. This meeting was to create a strategy to increase the exports of the country by 100 billion dollars has to be finalized by month end. The ministry is working on a plan to reach this goal.
Federation of Indian Export Organisations (FIEO) had organized this event where Mr. Prabhu said that “In May, our exports went up by almost 20 percent and it looks like in June also, it (rate of growth) will be close to 20 percent.”
He further noted that as many countries are taking protective measures the international trade is becoming more and more challenging. These Countries are announcing sanctions for their benefit which would not be giving any good results, as once the sanction is announced it is like “that you are cut-off from rest of the world”, Prabhu told.
“We are working on a combined strategy about what could be done so that exports increase at a rapid rate,” he further noted.
The commerce ministry will be releasing the official figures on July 15. India’s merchandise exports increased by 201.8% in May 2018 which is the highest in six months reaching a figure of USD 28.86 billion.
The minister also told that banks should start lending to exporters in priority so they do not have to counter issues related to credit. He also added that the government is extending support to increase exports and make sure that India is not affected in global trade by small challenges.
Prabhu also told, “Exports should be treated as priority sector lending by the banking system. Soon we will be holding a meeting with the Indian Bank Association to discuss the issue.”
He also talked about the export benefits scheme of India being challenged by the US at the WTO (World Trade Organisation). He said that “we have to follow the rules of WTO” and the government is handling the issue.
The organization has worked on an intricate plan for increasing the Indian exports by 100 billion dollars. The exports of India increased by USD 303 billion in 2017-18.