Union Minister for Commerce & Industry and Civil Aviation Suresh Prabhu has said that India’s exports in the year 2017-18 were the highest in last six years. He added that India’s exports have been growing at a higher rate in the last few months, and if it continues, India may be able to register record growth in exports in the year 2018-19.
The Minister was speaking as Chief Guest at the presentation ceremony of 44th India Gem & Jewellery Awards 2017 organised by Gem and Jewellery Export Promotion Council (GJEPC) in Mumbai on Saturday, July 28.
Suresh Prabhu said that this is the first time that world trade itself is facing fundamental challenges, and added that the entire edifice of WTO has been challenged and that the future of the institution is in crisis. He stated that this raises the need for us to chart a path forward, based upon international trade as a key driver.
According to him, services export is growing faster than merchandise and that services export will be the key growth engine. He said that the government has already decided to invest Rs 5,000 crore in 12 champion services sectors to promote services. A comprehensive strategy based on market research has been formulated for export promotion, the minister said.
Stating that the jewellery industry has immense potential, he exhorted the industry to attain a ‘New India’ export target of $75billion by the year 2022, when the country turns 75 years post independence.
The minister said that the government was working with GJEPC to formulate a strategy for the same, which he said, will be unveiled soon. He said that a Coordination Committee will be set up consisting of senior officials of the ministry and the gem and jewellery industry, who will meet monthly to ensure that industry concerns are addressed on priority.
Speaking of GST refund, the minister said that besides reduction of tax rates, the government is working on improving processes as well. A Domestic Council is being set up to improve domestic support for the industry, and the Council will work towards industrial development, employment generation, building of regional clusters, and strengthening of value chains.
Speaking of capital for businesses, the minister said that the genuine credit needs of the industry needs will be met by the banking sector. Speaking of the importance of the sector, he said that the government is working to ensure that this happens.
The government was also planning to set up Export Promotion offices globally in order to promote exports in a targeted fashion.
The minister said that with the joint efforts of government, industry, and other stakeholders, India will definitely be able to become a $5 trillion economy within seven to eight years, and by 2035, it will become a $10 trillion economy.