No country can benefit from global trade decline: Suresh Prabhu

country can benefit from decline in world tre, and slowing global ecomy is a concern for all nations including India, Commerce and Industry Minister Suresh Prabhu said on October 16.

For past six-seven deces, re was a lot of predictability in doing business globally, but in course of last few months, "we are seeing a dramatic change in global tre," he said.

India is "worst sufferer" of declining tre and slow ecomic growth in world as country has huge stake and its share in world tre is also increasing, he ded.

He stressed that slowing global ecomy is a concern for India as it has potential to reach USD USD 5 trillion size before 2025 and USD 10 trillion before 2035. 

Imposing customs duties by US on certain steel and aluminium products have triggered a tre war kind of situation in world. It has also raised duties on Chinese goods. China too has hiked tariffs in retaliation.

statement also assumes significance as India's exports declined for first time in current fiscal, contracting 2.15 per cent in September to USD 27.95 billion due to a fall in shipments of key sectors such as engineering and gems and jewellery.

World Tre Organisation (WTO) last month lowered growth projections for tre to 3.9 per cent from 4.4 per cent estimated earlier for 2018 due to tre tensions between US and China.

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Prabhu said that ministry has set up a high-level think tank to suggest government to promote exports and navigate through se global situations.

He said that ministry has identified products and countries to promote exports.

"We have also prepared a well thought action plan for achieving USD 5 trillion ecomy," he said ding USD 1 trillion would come from manufacturing, USD 3 trillion from services sector and USD 1 trillion from agriculture. 

Talking about ease of doing business, minister hinted that India has improved its ranking in World bank's doing business index.

"You will have a good news when World Bank will release its report," he said. report is scheduled to be released this month. 

Prabhu, who also holds civil aviation portfolio, said that ministry is preparing a plan and romap for manufacturing aircraft in India.

He also said that Union Cabinet will soon approve new industrial policy and agri export policy.  He was speaking at a function of industry body Assocham.

Steel magnate Sajjan Jindal said that re is a need to work on making India a tre surplus country from a tre deficit one.

He also said that iron ore should be exported only after value dition and government should t allow mineral sector to be controlled by few big people.

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