Union Commerce Minister Suresh Prabhu has said that the government will soon come out with a comprehensive strategy to increase the share of global trade to 40 per cent of the gross domestic product. Speaking at Maharashtra’s maiden global investor summit in Mumbai today, Mr. Prabhu said exports constitute only about 18 percent of India’s GDP which currently stands at 2.6 trillion dollars.
He said the government is planning to diversify its export basket by entering new markets and shipping out new products. Mr. Prabhu said with India aiming to enter the 5 trillion dollar economy, the driving force should be services, manufacturing and agriculture sectors.
The minister also urged the business community to come up with a proper business plan to increase exports. Lauding Maharashtra’s efforts to become one trillion-dollar economy by 2025, the minister said the state as an industry leader can play a bigger role in country’s economic progress.