Replying to a query on the rising fuel prices, he said that the petroleum prices are rising continuously as 70 percent of our fuel needs are dependent on the import of oil.
In view of the present pandemic crisis, he said, the first and foremost work for exporters is to find the markets where demand support is given by their respective governments through a package, citing examples of the US and Europe.
Prabhu in a virtual interaction with members of the Indo-Canadian Business Chamber (ICBC) recognized the impact of the COVID-19 pandemic and the changes it would bring to global business and trade practices, while outlining eight key areas of enhanced cooperation between India and Canada going forward, according to a statement.
Speaking at a digital conclave on 'Indo-US Trade Cooperation post-COVID-19', the former commerce and industry minister said: "Now, India and the USA need to not only continue investing in each other's countries but also invest and operate projects in other countries jointly".
Sources said though Prabhu has tested negative for the coronavirus, he, however has decided to stay in isolation as a precaution.
Speaking here at a session on 'The Great Indo Pacific Race', Prabhu also said oceans will play a very important role going forward, including for trade and security.
"India today is a USD 2.5 trillion economy, and we have set a target of becoming USD 5 trillion by 2025. In this target, 50 per cent will be international trade, of which exports will be a major component," Prabhu said.
"So, when we talk about USD 5 trillion economy, it will be largely from the startups. It is inevitably bound to happen all over the world, thankfully our prime minister realised it and had that vision to understand the changing economic scenario of the Indian economy," Prabhu said here at an event.
"Continuing the ongoing process of discussions and talks, USTR officials are expected to come down next week to take forward the talks held last week," a senior government official told Moneycontrol.
Among the 24 invited countries, 22 participated and 17 countries signed a joint declaration issued after the meet.
In the wake of crisis-hit Jet Airways suspending operations, the ministry decided to allocate the vacant slots at the airports in the national capital and Mumbai to other carriers. The move is part of larger efforts to increase capacity amid recent surge in airfares.
US had notified in March that India did not qualify for the Generalized System of Preferences benefits under their updated eligibility criteria.
Although India has said the withdrawal of GSP benefits by the US will not impact domestic exporters, local industry has demanded for continuation of the incentives.
Issues such as withdrawal of GSP benefits by Washington are expected to come up for the discussion.
The Union minister for commerce, industry and civil aviation said if the national growth was at six per cent and those of the districts was four per cent, the aggregate growth would be 10 per cent.
Responding to a question here about the clip and accompanying message which alleged that the box contained 'Rs 15 crore', Prabhu said, 'I don't have fifteen rupees in my pocket, where is the question of Rs 15 crore!'
Addressing a press conference here, Prabhu said the the central government is concerned about the mining industry in the state, considering the social cost incurred since its closure.
Jet Airways is grappling with acute financial crunch and is operating less than 10 planes besides temporarily suspending international operations.
The Union Minister for Civil Aviation, Commerce and Industry, who is here to campaign for BJP candidate Nalin Kumar Kateel, said the Modi government had implemented several schemes in social and health sectors and for the welfare of women and youth in the last five years.
As the crisis in the private airline deepened, the Prime Minister's Office called an urgent meeting to discuss the situation, an official source said.
"Directed Secretary MoCA to review issues related to Jet Airways. Asked him to take necessary steps to minimise passenger inconvenience and ensure their safety," Prabhu tweeted in the morning.
Against the backdrop of lenders set to take control of Jet Airways under a debt resolution plan, he said banks are direct stakeholders and are dealing with commercial matters of the airline where the ministry would not like to intervene.
In total, both "merchandise and services exports put together will reach about USD 540 billion" by the end of this fiscal, the minister said here at a function.
The direction comes a day after a 737 MAX aircraft, operated by Ethiopian Airlines, crashed killing 157 people.
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.