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Coming up with plan to raise exports to 20% of GDP: Union Commerce and Industry Minister Suresh Prabhu

Union Commerce and Industry Minister Suresh Prabhu

Kolkata, Feb 5 (UITV/IANS)- Union Commerce and Industry Minister Suresh Prabhu said the Central government is coming out with a "strategy document" to increase exports to 20 per cent of the GDP, an official statement said on Sunday.

Interacting with the Export Promotion Councils of the Eastern Region here on Saturday, Prabhu said the government will soon come out with a new industrial policy, and consultations with industry have already begun in this regard.

Delivering the keynote address at the meeting, Prabhu said India was poised to become a $5 trillion economy in the next 8-10 years at the present rate of growth.

According to the Minister, this would mean doubling of the industrial output from the current Rs 2-Rs 2.5 trillion.

"...He requested the Captains of Exports to come up with good proposals to increase exports in a substantial manner for achieving this objective," said an official release.