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

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

business Updated: Feb 05, 2018 08:25 IST
Press Trust of India
Press Trust of India
Press Trust of India, New Delhi
Exports,GDP,Gross Domestic Product
Commerce and Industry Minister Suresh Prabhu in New Delhi on January 9, 2018.(PTI)

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 on Sunday.

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 (Prabhu) 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.

Total exports value was recorded at $274.64 billion in 2016-17, up from $262.29 billion in the preceding year.

First Published: Feb 04, 2018 21:22 IST