New Delhi [India], Apr 4 (ANI): Indian exports of merchandise goods and services could range between 520 to 540 billion dollars during 2018-19, Minister of Commerce and Industry Suresh Prabhu said on Thursday.
Of these, services are likely to account for 210 to 215 billion dollars, he said during an interaction at the CII Annual Session 2019 with the theme ‘India 5.0: India@75 and Beyond.’ The trade deficit is likely to decline by about 10 billion dollars for the first time, he said. “This is a commendable achievement, given that the country is facing headwinds with lower global demand and rising protectionism.”
Prabhu said the Indian economy is capable of achieving double digit growth on a sustained basis with coordinated macroeconomic policies and action on the ground.
Smaller towns and districts need to become more business-friendly and strive for broad-based and accelerated growth. For this, a district-level ease-of-doing-business ranking will be launched soon.
“If each district can grow by 3 to 4 per cent, then India will automatically achieve double digit growth. To achieve this goal, a pilot case study has started in six districts across five states,” said Prabhu.
Reputed institutions like National Council for Applied Economic Research and Indian Institute of Management have been consulted to make baseline studies.
The minister said India is likely to become a 5 trillion dollars economy in the next seven to eight years and touch the 10 trillion dollar mark by 2035.
CII President Rakesh Bharti Mittal called for removing non-tariff barriers among trading nations and promoting foreign direct investments in technology sectors.
He said India is currently negotiating the Regional Comprehensive Economic Partnership (RCEP) — a proposed free trade agreement with 10-member Association of Southeast Asian Nations (ASEAN) — which will bring huge gains to industry if managed prudently.
CII Vice President Vikram Kirloskar said the industry body has been working to facilitate export promotion policies, free trade agreements, boosting services exports and marketing of Brand India overseas.
The policies announced for export finance have brought great relief to exporters, he said.