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India's exports to reach $32.38 billion in March: Suresh Prabhu

Expressing hopes over growth of India's exports, Commerce and Industry Minister Suresh Prabhu has said that the country's exports are expected to reach $32.38 billion in March, the highest in any month so far, on account of healthy growth in sectors such as pharmaceuticals. He added that exports would cross $331 billion mark in the 2018-19 fiscal year.

He further said that for the first time, India has crossed $19 billion figure in pharma exports this fiscal. He said that the country's exports were declining for long time but now this year, they would have record exports. The figures in 2018-19 would be the highest ever at a time when there is a worst scenario in the world trade front.

The minister said that the outbound shipments are growing because of concerted efforts by the ministry in the last one year. He said 'We created a matrix between every product and every geography. Secondly, we had done series of road shows'.  He noted that export potential was tapped in regions such as Africa and Latin America. He also held several meetings with then line ministries including food, agri, pharma and IT ministry to resolve issues hindering exports.

Prabhu said that India is recording a healthy growth in exports despite the fact that countries are putting barriers and following protectionist measures. Imposition of high customs duties by the US on certain steel and aluminium products triggered a trade war kind of situation. India's exports grew by 8.85% to $298.47 billion during April-February 2018-19. Since 2011-12, India's exports have been hovering at around $300 billion. During 2017-18, the overseas shipments grew by about 10% to $303 billion.

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