India's goods export to hit USD 330 bn in 2018-19: Prabhu

The country's goods export will touch USD 330 billion in 2018-19, which will be the highest ever, Commerce and Industry Minister Suresh Prabhu said Thursday.

He said the country's merchandise exports have seen high growth in the past six years through sector-specific interventions, focused export promotion initiatives, and quick resolution of issues.

With the structural reforms that have been put in place over the past five years by the ministry and action-oriented plans for major sectors, the minister said India is on the path to become the fifth-largest economy this year.

"India's goods export will peak at USD 330 billion in 2018-19 which will be the highest ever," the ministry said in a statement quoting Prabhu.

He also said the Department of Commerce has identified nine sectors - gems and jewellery, leather, textiles, engineering, electronics, chemicals, pharma, agriculture and marine products -- to achieve at least 16 per cent growth in exports in 2018-19.

During April-January this fiscal, exports grew 9.5 per cent to USD 271.8 billion.