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India to double exports by 2025: Suresh Prabhu

In a meeting with the different exports stakeholders Commerce and Industry Minister Suresh Prabhu discussed a strategy that will see India’s exports double by 2025.

Describing the challenges to be met with successfully like uncertainty of global trade, the minister said exports create jobs, bring in foreign exchange and validate India’s international competitiveness.

Minister of State, C R Chaudhary will be the chairperson of this mission and will regularly review the work of different export promotion councils and divisions of the Ministry of Commerce.

 The Minister briefly pointed out the initiatives the government has taken towards facilitating transparency and ease of doing business. He said a special strategy is being prepared for services sector to achieve broad-based growth instead of the existing pre-dominance of IT-ITeS.

Commodity and territory specific strategy is also being prepared for items like gems and jewellery, leather, textile & apparel, etc., and the territory specific stategy  will cover North American Free Trade Agreement (NAFTA), Europe, North East Asia, ASEAN, South Asia, Latin America, Africa and WANA, Australia, New Zealand, and CIS. 

The Commerce Minister said that apart from traditional markets India must also look at boosting trade with smaller countries and explore new territories like Africa which has 54 countries but accounts for only 8 % of exports from India.

 The Minister exhorted exporters to not miss the opportunity presented by China’s consumer market and make the most of the world’s mega import expo being held in China in November, 2018.

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