The Union Commerce Ministry will undertake yet another performance review of the exports industry beginning this July. The Ministry is expected to increase financial assistance to labour intensive industries like handicrafts and textiles, with an aim to boost their exports.
The review, aimed at assisting the exporters to grow their exports, would be complete in a month's time. During the review process, the Ministry is expected to consider genuine demands of the exporters, particularly those from the labour intensive sectors.
As part of the review, Director General of Foreign Trade will also hold extensive talks with various exports promotion councils (EPCs) like Apparel EPC and other export associations.
Value-wise, the exports of the labour intensive industries are growing steadily. However, there is no similar growth visible in the quantity of these exports, which remains a cause of concern.
Federation of Indian Export Organisations (FIEO) is soon likely to conclude a study to analyse the volume-wise growth of different export sectors.
FIEO would be seeking various concessions from the Commerce Ministry, like high duty drawback rates and subsidised export credit, for the labour intensive industries.
Since the government launched its Foreign Trade Policy for 2009-14 in August 2009, this is the fourth export performance review that will be undertaken by the Government.
Following the first review in 2009, the Government had announced incentives worth Rs. 10.5 billion to boost exports. Similarly, after the January and March 2010 reviews too, the Government had declared some sops for the export sector.
During 2010-11, India's exports jumped to US$ 245.86 billion, registering a growth of 37.55 percent.
Fibre2fashion News Desk - India
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