Prabhu tells Exim to help exporters

The Department of Commerce (DoC) has engaged about 150 countries in the last few months to promote Indian exports.

Disclosing this, Commerce and Industry Minister Suresh Prabhu has told the EXIM bank to prepare an action plan to alleviate the financial difficulties being faced by exporters.

The Minister announced that the arrangement for having inter-ministerial meetings to boost exports with concerned administrative ministries will be institutionalized by DoC.

A task force on Special Economic Zones (SEZs) has also been set up to ensure that export potential from these zones is utilized fully.

Export road-shows and exhibitions will also be organized, said the minister.

The government has approved Rs.5,000 crores to promote export of services, he added.

The DoC hosting the next Global Exhibition on export of Services at Mumbai on 15th May 2018.

Merchandise export has grown by a 10% in the current year, added
Commerce Secretary, Rita Teaotia.

“Our share in global trade is static at 1.7% in merchandise exports and 3.4% is services exports. We need to look at new markets,” she said.

“While we have done well in US and Europe, there has not been adequate focus on fast emerging markets in Asia. We need to focus more on exports to China, Latin America and Africa,” said Teaotia.

Prabhu and Teaotia addressed secretaries and senior officers in the first inter-ministerial meeting on Sectoral Export Promotion Strategy on 8 May 2018. fii-news.com