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Decline in world trade, slowing global economy may hit all nations including India: Prabhu
Oct-17-2018

Commerce and Industry Minister Suresh Prabhu has warned that the decline in the world trade along with the slowing global economy will have negative impact on all nations including India. He pointed out that India will be worst hit if global trade falls as the country has huge stake and its share in the world trade is also increasing. Besides, he stressed that slowing global economy is an anxiety for India as it has the potential to become $5 trillion economy before 2025 and $10 trillion before 2035.

The minister’s statement assumes significance as India’s exports declined, for the first time this financial year, by a moderate 2.15 percent to $27.95 billion in September, due to a fall in shipments of key sectors such as engineering and gems and jewellery. He said that his ministry has set up a high-level think tank to suggest the government to promote exports and navigate through these global situations. He added that the ministry has identified products and countries to promote exports.

Prabhu further informed that they have also prepared a well thought action plan for achieving $5 trillion economy and added that $1 trillion would come from manufacturing, $3 trillion from services sector and $1 trillion from agriculture. Talking about ease of doing business, he hinted that India has improved its ranking in the World bank’s doing business index. He said “You will have a good news when World Bank will release its report”. He also said that the report is scheduled to be released this month.

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