According to Commerce Secretary Mr Anup Wadhawan, India’s goods exports are likely to grow by at least 16 per cent in 2018-19 despite the difficult global environment.
Interacting with the media here, he said that it was through a policy of incentives, promotion and facilitation that India has been able to achieve a consistent pattern of export growth. In the last 25 months, except for one month, there has been consistent growth in exports, he highlighted.
He was positive that the 16 per cent growth in exports achieved in the April-August period would be maintained in the entire year.
Mr Wadhawan stressed that the government has a comprehensive export strategy in place. Exporters from various sectors are being consulted on a weekly basis to identify elements for the strategy, he added.
India’s exports posted a 10 per cent growth to $303.52 billion in 2017-18. A 16 per cent increase in 2018-19 would push up the export figure to over $351 billion.
He also said that India is working out a payment mechanism with Iran to ensure trade with the country doesn’t suffer because of the US sanctions. Besides, it is open to a rupee payment mechanism with Russia and other countries for oil and other big imports such as gems and jewellery, reports said.