Home / Knowledge / News / Textiles / Indian govt preparing sectoral export strategies: Minister

Indian govt preparing sectoral export strategies: Minister

28
Oct '18
The Indian government is preparing sectoral export strategies and project specific strategies, commerce and industry minister Suresh Prabhu has said. Commodity and territory specific strategy is also being prepared, he said at the ‘Exports Summit – Brining in a new wave of growth’ organised by the Confederation of Indian Industry (CII) in New Delhi.
 
Despite global headwinds, India’s exports have been constantly rising for the last one year, the minister said. “We must now achieve more. India’s export must drive India’s growth story,” he added.
 
Stating that export has to be a combined effort, Prabhu said that for the first time, the Central government has prepared a complete plan of action for all the exporting ministries and has taken several measures to increase exports domestically.
 
A think tank has been set up for the first time. “We are looking at boosting trade with smaller countries and explore new territories like Africa which has 54 countries but accounts for only 8 per cent of exports from India,” the minister added.
 
The minister mentioned that global disruptions present opportunities to increase Indian exports. Touching on China the minister said that both countries working together to resolve issues relating to market access.
 
Alok V Chaturvedi, director general of foreign trade, DGFT talked about the $100 billion additional export strategy which includes Champion products strategy of $76.56 billion for 178 products, market retention strategy for 197 products for more than $15 billion, 310 promising products with diversification and penetration strategy for $21 billion. Sharing the new initiatives by DGFT, he said, a lot of actions have been taken including immediate IEC via email, MEIS sanction within 24 hours, eMEIS scrips, demat of MEIS scrips, EPCG licenses, anytime anywhere online export related courses, and more.
 
Addressing the summit, Rakesh Bharti Mittal, president, CII, said that India currently ranks at 146 out of 190 economies in the ‘Trading Across Borders’ parameter of the Doing Business index. There is massive scope for reduction in the transaction costs and dwell time. Equally important is to think around new transformational policies, including exchange rate strategy, WTO-compatible export subsidies, Centre-state export strategies, and market promotion strategies and trade-related infrastructure. 
 
Sanjay Budhia, chairman, CII National Committee on EXIM & managing director, Patton International Ltd, while presenting the export industry concerns, said boosting exports is key to checking trade deficit and there is need to look at more ways to lower imports. Majority of the costs like raw material, shipping charges, warehousing and other related services are denominated in foreign currency or at Import Parity Price. Raw material prices have increased 35 per cent. Similarly, there is need of policy reform for a sizeable growth of SEZs which contribute 25 per cent of Indian exports. (RKS)
 

Fibre2Fashion News Desk – India


Must ReadView All

China keen to invest in Bangla apparel, leather sectors

Apparel/Garments | On 21st Nov 2018

China keen to invest in Bangla apparel, leather sectors

Chinese investors expressed keen interest to invest in apparel,...

Armenia to resume cotton production

Textiles | On 21st Nov 2018

Armenia to resume cotton production

Armenia will soon resume cotton production with the establishment of...

Australia wool production to dip 10.8% in 2018-19

Textiles | On 21st Nov 2018

Australia wool production to dip 10.8% in 2018-19

The Australian Wool Production Forecasting Committee has updated its...

Interviews View All

Jurgen Gauger, Spreadshirt

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Top executives, Textile industry, India

Top executives
Textile industry, India

The event should be organised every year

Ajay Ghariwala, Luthra Group

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Italtex,

Italtex

Italtex is a leading studio publishing fabric trend-books since 1959....

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search