Commerce Ministry focusing on 9 sectors to boost exports; eyes 16% growth this fiscal
The Commerce Ministry is focusing on nine sectors, including pharma, food processing and textiles, to boost exports in the current fiscal, an official said. The Ministry is targeting a minimum growth rate of 16 per cent in exports this fiscal.
Commerce and Industry Minister Suresh Prabhu on 1st Oct held Inter-Ministerial consultations with different Departments to work on ways to promote the exports from these segments.
"The Ministry is targeting nine sectors as part of their strategy to boost exports. The Minister held discussions on strategy with Line Ministries," the official said.
Gems and jewellery, textiles, leather, engineering, electronics, defence, pharma, agri and marine products are the sectors.
To push exports, the Ministry has suggested several steps including demanding priority sector lending to exporters. Ministry of Electronics and IT suggested formulating a strategy to attract companies that are shifting their manufacturing bases from China due to high wages.
The Department of Chemicals stated that they are looking at new countries for exports and raised delay in environmental clearance for agro-chemical sector.
Since 2011-12, India's exports have been hovering at around USD 300 billion. During 2017-18, the shipments grew by about 10 per cent to USD 303 billion.
Source :- Dailyshippingtimes.com