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Indian govt preparing sectoral export strategies: Minister

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

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November 2018

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