India will record highest ever exports in 2018-19, informed Shri Suresh Prabhu, Minister of Commerce & Industry and Civil Aviation at an interaction at the CII Annual Session 2019 with the theme of 'India 5.0: India@75 and Beyond'. He said the combined merchandise and services exports could range between USD 520 - 540 billion, with services export accounting for USD 210 - 215 billion. Overall trade deficit is likely to decline by about $10 billion for the first time. Stating that India was facing headwinds in the form of global demand slowdown and rising protectionism, this is really a commendable achievement, he added.
Speaking on the economy, the Minister said India is capable of achieving double digit growth on a sustained basis. Coordination between macroeconomic policy and action on the ground is essential for this.
Laying out the strategy, he said that if each district could grow by an 'incremental' 3% - 4%, then India will automatically achieve double digit growth. To achieve this goal, pilot case study has already been started in 6 districts across 5 states in India. Reputed institutions like NCAER and IIM have been consulted to make baseline studies for these districts. The Minister said that India will become a USD 5 trillion economy in the next 7-8 years and touch USD 10 trillion by 2035.
Smaller towns and districts need to become more business friendly to have broad-based and accelerated growth, noted the Minister. For this, district level 'Ease of Doing Business' (EoDB) ranking will soon be launched for which background work has already been started. A committee has already been formed for this purpose.
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