India’s goods exports are likely to grow by at least 16 per cent in 2018-19 despite the difficult global environment, Commerce Secretary Anup Wadhawan has said.

Addressing the media on Tuesday, Wadhawan said India was working out a payment mechanism with Iran to ensure trade with the country doesn’t suffer because of the US sanctions and was also open to promoting rupee payment mechanism with Russia and other countries for oil and other big imports such as gems and jewellery.

“It is through a policy of incentives, promotion and facilitation that we have been able to achieve this consistent pattern of export growth. In the last 25 months, except for one month, there has been consistent growth in exports,” Wadhawan said.

He was positive that the 16 per cent growth in exports achieved in the April-August period would be maintained in the entire year.

“We have a comprehensive export strategy in place and those who made the policy are now implementing it. Exporters from various sectors are being consulted on a weekly basis to identify elements for the strategy,” he added.

India’s exports posted a 10 per cent growth to $303.52 billion in 2017-18. A 16 per cent increase in 2018-19 would push up the export figure to over $351 billion.

Responding to questions on what fate awaited Indian exporters doing business in Iran once the US sanctions came in force, the Secretary said that the Ministry of Finance and the RBI were working out a mechanism to see that trade is not disrupted.

E-commerce policy

On the proposed e-commerce policy, which is being considered by a panel of Secretaries, Wadhawan said a lot of suggestions had poured in and action was already being taken wherever required.

When asked if that meant there would be no comprehensive e-commerce policy, the Secretary said the matter was being examined.

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