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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HC verdict: No question of CM's resignation, says Deputy CM DK Shivakumar
Bengaluru(PTI): Karnataka Deputy Chief Minister D K Shivakumar on Tuesday said there is no question of Chief Minister Siddaramaiah resigning over the High Court dismissing his petition challenging Governor Thaawarchand Gehlot's approval for investigation against him in a site allotment case.
He alleged that there was a "big conspiracy" against the Chief Minister, as he asserted that the latter has done no wrong in the issue and will come out clean.
When questioned about BJP demanding CM's resignation over the High Court's order, Shivakumar said: "There is no question, the CM has not done anything wrong. He is not involved in any scam. It is a political conspiracy by the BJP against all opposition leaders in the country, this is what is going on."
Shivakumar, who is also the state Congress President, said he and his party stand in support of the Chief Minister, who is doing a good job for the party and the state.
He was reacting to High Court on Tuesday dismissing Siddaramaiah's petition challenging Governor's approval for investigation against him in the Mysuru Urban Development Authority (MUDA) site allotment case.
"(There is a) big conspiracy against our Chief Minister, like how the BJP had hatched a big conspiracy against me by filing a case and sending me to jail. Because of God's grace I came out. The case in which I went to jail was dismissed. Similarly they have hatched a conspiracy against the Chief Minister and his family," Shivakumar said.
Speaking to reporters as he emerged from an event, where he shared the stage with Siddaramaiah here, he said: "He (Siddaramaiah) will come out clean. Let any investigation be ordered or do anything. According to me, he has done no wrong...we are with the Chief Minister."
The BJP is unable to digest the (welfare) programmes given by Siddaramaiah to the state, Shivakumar said. "There is a big conspiracy."
Asked if the court's order is a setback to the Chief Minister and the government, he said, "I need to see the order...what setback? You are saying that the court has said an investigation has to happen, I need to see."
