Prabhu wants collaborative exports
Commerce and Industry Minister Suresh Prabhu has urged the ministries to work on tapping the opportunities with regional countries as there is huge potential to increase India’s exports.
He has also proposed exploring the potential of possible barter arrangements with specific countries.
He suggested the possibility of collaborative exports in partnership with other countries.
Ministries should involve not just the Export Promotion Councils but also the strong regional trade associations to reach out to potential exporters.
Prabhu for holding a separate meeting on the services sector to examine the issues relating to remittances and other capital flows.
The Commerce Minister emphasised that China and USA are emerging opportunities and industries which are relocating from China on account of rising labour cost may be invited to invest in India after immediately revising regulatory procedures.
Prabhu made these points having recently reviewed the sectoral export promotion plans prepared by Ministries and Departments.
The Commerce Ministry is focusing on nine sectors – gems and jewellery, leather, textile and apparel, engineering, electronics, chemicals and petrochemicals, pharma, agri and allied and marine products – to boost exports.
This was the third inter-ministerial meeting on Sectoral Export Promotion Strategy, said a release on the Public Information Bureau on 3 Oct 2018.
Commerce Secretary, Dr. Anup Wadhawan, informed the participants that comprehensive efforts are being made for promoting exports of merchandise and services to improve and stabilise the current account.
He stated that specific short- and long-term goals, and territory & commodity wise action points, have been identified by the Commerce Department for export promotion.
He apprised that discussions are also on to provide priority sector status to export credit, to enhance the volume of credit and for enhancement of allocation for interest subvention schemes.
Merchandise exports were up by 16.13% to US$136.10 billion in April – August 2018-19, according to presentations at the meeting.
Key sectors showing growth in April-August 2018-19 YoY are petroleum products (52.42%), chemicals (35.41%), plastics and linoleum (36.66%) and electronic goods (28.28%).
Services exports were up by 28.74% to US$85.74 billion.
The overall exports have grown by 20.69% in April – August 2018-19 to US$221.83 billion (Merchandise and Services combined). fiinews.com
