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India records highest export growth rate in six years


India’s exports rose by 9.8 percent in 2017-2018 financial year, which is the highest rate of growth in six years, said Indian Minister of Commerce and Industry Suresh Prabhu.

According to official figures, India’s total exports during 2017-2018 period stood at 302.84 billion U.S. dollars.

The positive growth in India’s exports assumes significance as it took place at a time when there was a lot of negative headwinds globally, the minister said while speaking at the “Export Summit 2018” organized by the Confederation of Indian Industry (CII) in the Indian capital.

He further stated that his ministry was working on how to revitalize India’s exports by holding consultations with key exporting ministries in order to formulate sectoral, commodity and territory specific export strategy.

Certain issues which were affecting growth of exports had been specifically taken up with the department of revenue and the ministry of environment, he said.

“The soon-to-be-unveiled agri-export policy will give a major boost to the agricultural sector and will pave the way for Indian farmer’s income to be doubled,” he added.

Also present on the occasion was Directorate General of Foreign Trade (DGFT) Alok Vardhan Chaturvedi, who spoke about the recent initiatives taken by the ministry of commerce to smoothen procedures for exporters.

“DGFT is planning to have online export related courses to inform, train and facilitate first time exporters. The DGFT is also in the process of overhauling the information technology (IT) network of the DGFT so that there is no wastage of time for online submission of documents,” said Chaturvedi.