SME Times News Bureau | 19 Jun, 2018
and Industry Minister Suresh Prabhu on Monday said the government has
planned to spend $1 billion to boost export of services from the
country as trade in services is growing faster than trade in
"The government is working on a comprehensive
strategy to boost services exports and $1 billion will be spent to
promote 12 champion services sectors," he said in his keynote
address at 6th Growth Net Summit organised by CII in New Delhi.
added that services trade is growing faster than merchandise and such
dynamic changes need to be captured in the global trading system,
stated Suresh Prabhu, Minister of Commerce and Industry and Civil
trade requires movement of people, unlike merchandise trade, said the
Minister. He stated that India is aiming at a $5 trillion economy by
year 2026-27 and goods and services exports are targeted at $1
trillion of this. Over the last year, goods and services exports grew
by over 12%, he noted.
the first time, a strategy of products in new markets is being
developed. Exports are also being promoted in regions like Africa,
Latin America and Central Asia, added the Minister.
that the World Trade Organisation was created as part of a
rules-based, multilateral, democratic and participatory institution
for expanding global trade, he said that countries have recognized
the value of global trade for fostering growth and creating jobs.
is working with other countries to ensure that WTO remains relevant,