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
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.