FIEO study identifies US$100bn markets
India is working on a wide range of strategies for revitalizing and doubling exports by 2025, especially targeting Africa and China.
Commerce and Industry Minister Suresh Prabhu exhorted exporters to not miss the opportunity presented by Chinese consumer market and make the most of the world’s mega import expo being held in China in November 2018.
Apart from traditional markets, India must also look at boosting trade with smaller countries and explore new territories like Africa which has 54 countries but accounts for only 8% of exports from India, he said in New Delhi on 27 Aug 2018.
Federation of Indian Export Organisations (FIEO) has done a study which identifies US$100 billion exports in traditional, new markets and products.
The Agricultural Export Policy is in the process of being finalized, after incorporating stakeholders’ comments.
Commodity and territory specific strategy is also being prepared for items like gems and jewellery, leather, textile & apparel, engineering sector, electronics, chemicals and petrochemicals, pharma, agri and allied products and marine products.
Territory specific strategy will cover North American Free Trade Agreement (NAFTA), Europe, North East Asia, ASEAN, South Asia, Latin America, Africa and WANA, Australia, New Zealand, and CIS.
Prabhu has held two meetings with key Ministries for preparing sectoral export strategies which are being finalized.
Meanwhile EximBank of India has conducted market research and draft export strategy is being prepared.
Prabhu underlined the importance of increasing imports in the face of challenges like uncertainty in global trade, rigid approach of banks affecting availability of credit, high logistics cost and productivity standards and qualities.
Minister of State, C R Chaudhary will be the chairperson of this mission and will regularly review the work of different export promotion councils and divisions of the Ministry of Commerce. fiinews.com