Indian exports touched $540 billion in 2018-19: Suresh Prabhu
India recorded its highest ever exports in the last fiscal accounting for $540 billion trade. This included $330 billion in terms of merchandise export and $210 billion in terms of services, noted union minister for commerce and civil aviation Suresh P Prabhu. India’s trade deficit with China that was a staggering $63 billion has come down by $10 billion in the last fiscal resulting in saving of Rs 70,000 crore to the exchequer.
Interacting with reporters on Monday, Prabhu who canvassed support for DK MP Nalin Kumar Kateel through road shows and public meetings, said by paring $10 billion in trade deficit with China, India has saved the amount that would otherwise have to be repatriated to the neighbouring Communist giant. The launch of industrial corridors within too will help the country in perking up its trade volumes, results of which will be visible soon.
Noting that his ministry has finalised the agriculture-export policy, Prabhu said farmers of Karnataka will benefit immensely from it. This will facilitate in the export of agriculture and horticulture products, he said, adding the policy will also benefit fishermen in that fisheries is an integral component of the same. We are looking at export of value added fisheries product which has potential to be a major foreign exchange earner, Prabhu noted.