New Delhi: The country's goods and services exports during the current financial year would cross USD 500 billion despite challenges being faced on the global trade front, Commerce and Industry Minister Suresh Prabhu said Monday.

Prabhu said that exports are recording healthy growth so far and this financial year, "we will record the highest-ever growth rate".

The country's exports for goods and services will "cross USD 500 billion" this fiscal, he said here at Rising India Summit 2019.

He said the ministry is working on identifying new products and new markets to further push the shipments.

During the April-January period of the current financial year, exports grew 9.52 per cent to USD 271.8 billion. India export services worth about USD 130-150 billion per year.

Talking about proposed new industrial policy, Prabhu said everything is ready including the implementation part of the policy and "only Cabinet's approval is required".