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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
4 workers die after being buried under coal slurry in Jharkhand's Dhanbad
Dhanbad (Jharkhand) (PTI): At least four workers died after being buried under coal slurry in Jharkhand's Dhanbad district on Saturday, a police official said.
The incident took place at Moonidih coal washery in the command area of Bharat Coking Coal Limited (BCCL).
"Bodies of all four workers were dug out of debris during a rescue operation," Putki police station in-charge Waqar Hussain told PTI.
The incident took place when coal slurry was being loaded into trucks by workers, during which a large chunk of slurry fell and trapped several workers underneath, officials said.
The deceased have been identified as Manik Bauri, Dinesh Bauri, Deepak Bauri, and Hemlal Gope.
Meanwhile, the family members of the deceased and local villagers placed the bodies in front of the washery gate and began a protest.
They demanded compensation, jobs for dependents and action against those responsible for the incident.
Police and administration officials are trying to pacify the protesters, an official said.
