Exports likely to touch $350 bn in current fiscal: Prabhu
New Delhi, July 25 : Indian exports are expected to rake up healthy growth rates in the coming months and is likely to touch $350 billion by end of the current financial year, Commerce Minister Suresh Prabhu said on Wednesday.
Speaking at the second Services Excellence Awards organised by industry body Assocham, the Minister also said that the services sector is set to become a dominant driver of the economy and will contribute $3 trillion to the GDP by 2025.
"Despite increasing global protectionism, exports will continue to register healthy growth rates and is expected to touch $billion in the current fiscal (2018-19)," he said.
"In order to give a boost to the services sector, the Commerce Ministry has identified 12 champion services sectors for which Cabinet has approved a dedicated fund of Rs 5,000 crore to support initiatives for sectoral action."
Noting that the services sector contributes significantly to India's increased productivity and competitiveness, Prabhu said that high quality of the champion services sectors will further boost exports of various services from India.
He also said that India is pushing for export of services to countries in Africa and Latin America.
"India has a two pronged agenda with its trading partners of allowing professionals from India to travel abroad and trade facilitation in services export," he added.
Indian merchandise shipments have been on a rising curve, and as per official data earlier this month, exports in June at $27.7 billion rose by 17.57 per cent over the same month in 2017. But with higher crude prices increasing oil import costs by more than half over the last year, the country's trade deficit soared to $16.60 billion.
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Iran's sports minister says country can't take part in World Cup because of US attacks
Dubai (AP): Iran's sports and youth minister said it's “not possible” for the country to take part in the World Cup after the United States killed its supreme leader, Ayatollah Ali Khamenei, in its ongoing war.
Iran was expected to take part in the World Cup that will be held across North America in June, but Iranian Sports and Youth Minister Ahmad Donyamali told state television that his country's soccer team players are not safe in the US, according to a video of the interview posted Tuesday.
“Due to the wicked acts they have done against Iran — they have imposed two wars on us over just eight or nine months and have killed and martyred thousands of our people — definitely it's not possible for us to take part in the World Cup,” he said.
Iran is scheduled to play in Inglewood, California, against New Zealand on June 15 and Belgium on June 21 before finishing group play against Egypt in Seattle on June 26. The US is hosting the tournament with Canada and Mexico from June 11 to July 19.
FIFA said Tuesday night that it anticipates Iran's national team will be allowed to come to the United States.
Last week, US President Donald Trump said “I really don't care” if Iran takes part in the 48-nation tournament.
FIFA President Gianni Infantino said he met with Trump on Tuesday night “to discuss the status of preparations” for the tournament and received assurances that Iran would be permitted to come to the US.
