India's exports up 9.8% in FY18, hit six-year high: Suresh Prabhu

Union Minister of Commerce and Industry and Civil Aviation Suresh Prabhu

Union Minister of Commerce and Industry and Civil Aviation Suresh Prabhu on Friday said that country's exports rose by 9.8 per cent in the financial year 2017-18, which is the highest rate of growth in last six years.

"This positive growth in exports has taken place at a time when there is a lot of negative headwinds globally," he added.

Speaking at the Export Summit organised by Confederation of Indian Industry in New Delhi, the Union Minister said, "The Commerce Ministry is working on a strategy to revitalize India's exports and is working with key exporting ministries to formulate sectoral, commodity and territory specific export strategy. Meetings with concerned ministries have already been held where different ministries and stakeholders have been consulted after which a matrix of specific action points have been prepared sector wise, commodity wise and territory wise."

Suresh Prabhu further stated that he is personally monitoring the progress and regular meetings that are being held with sectoral ministries, export promotion councils and exporters. Certain issues which were affecting the growth of exports have been specifically taken up with the Department of Revenue and Ministry of Environment.

The Commerce Minister also said that the soon-to-be-unveiled agri-export policy will give a major boost to the agricultural sector and will pave the way for Indian farmer's income to be doubled.

India produces 600 metric ton of agricultural produce and has the capacity to export excess production to the world.

Directorate General of Foreign Trade (DGFT), Alok Vardhan Chaturvedi also participated in the event and lauded the Commerce Ministry for taking initiatives to smoothen procedures for exporters.

"Most procedures are now online and hard copy of documents is not required to be submitted. DGFT is also planning to have online export-related courses to inform, train and facilitate first-time exporters. The DGFT is also in the process of overhauling the IT network of the DGFTso that there is no wastage of time for online submission of documents," Chaturvedi added.

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