India all set to increase

global trade share: Minister

During the World Trade Expo 2018 in Mumbai, Suresh Prabhu, Minister of Commerce & Industry and Civil Aviation, said that the country is poised to increase its share in global trade. He added that India’s exports are growing at 15-16 per cent.

Prabhu revealed, “In 2017-18, India’s exports recovered and started growing at 9 per cent after declining for several years.” He expressed contentment over increase in export. “I am happy to share that the recovery of India’s exports has started during my tenure as the Minister of Commerce.” He addressed a gathering through a video message at the World Trade Expo 2018 organised by World Trade Centre Mumbai and All India Association of Industries.

In the current year, India’s exports are growing at 15-16 per cent, despite small blip in September. Prabhu also revealed the strategy of his ministry. “The Ministry of Commerce has also prepared a strategy for champion sectors in services to promote exports. As part of the strategy, 12 champion sectors have been identified with an export potential of Rs 5,000 crore.” This will strengthen India’s services sector exports.

The commerce ministry has already prepared and cleared the agriculture exports policy which will soon be cleared by the Cabinet too. Also, policies for various territories and regions have been formulated. The ministry is holding meetings with its counter-parts in African countries, where India’s export share is around 8 per cent. Similar talks are on with Latin America. The Indian government is also identifying potential new markets in Central Asia.

Rajan Sudesh Ratna, Economic Affairs Officer, Trade, Investment and Innovation Division, UNESCAP, who also attended the function, said, “India’s share in world trade is hardly 2.15 per cent, which is far less than its contribution of 3.21 per cent to world GDP.” He stated that India has signed multiple trade agreements with some countries. “These complex agreements make it difficult for Indian exporters to understand the duty benefits, concessions and eligibility conditions to avail these benefits.”

While on day two of the expo, Maharashtra tourism minister Jaykumar Rawal emphasised on the need for tourism. He added, “The new tourism policy will generate 10 lakh jobs.” He strongly believes that trade and tourism will increase women participation in the country.