Despite protectionism, India’s export will continue to grow and is expected to touch $ 350 bn in current fiscal: Prabhu

New Delhi, July 25 (KNN) Despite increasing global protectionism, India’s export will continue to register healthy growth rates and is expected to touch USD 350 billion in the current fiscal said Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, in New Delhi today.

The Minister was speaking at the 2nd Services Excellence Awards and Summit – 2018 organised by ASSOCHAM.

According to a release, the Minister stated that services sector is set to become a dominant driver of the Indian economy and will contribute USD 3 trillion of USD 5 trillion by 2025.

In order to give a boost to the services sector Commerce Ministry has identified 12 champion services sectors for which Cabinet has approved a dedicated fund of Rs 5000 crore to support initiatives for sectoral action. 

The Minister further added that the services sector contributes significantly to India’s increased productivity and competitiveness and high quality of the champion services sectors will further boost exports of various services from India and give a boost to employment generation.

The Minister said India is pushing for export of services to countries in Africa and also Latin America.

India has a two pronged agenda with its trading partners: allowing professionals from India to travel abroad and trade facilitation in services export.