As India’s merchandise exports entered the negative terrain after over an year, contracting 1.12 per cent to $ 23 billion in October, the commerce and industry minister Suresh Prabhu has said that his ministry is chalking out a "proper" business plan based on market research in its bid to promote exports of goods and services.
Prabhu said that a proper market segmentation is the need of the hour to understand the potential of domestic goods and services and added that the segmentation will shed light on the possibility of increasing penetration of products and services.
The minister taking note of the potential of regions such as Russia and Latin America, said, “We are working on a strategy for each of the markets." He added that while the ministry is making a new industrial policy they are also trying to create new markets for Indian products globally. Regarding the huge demand in luxury items in the international market he said that the ministry is working on quite a few interesting steps and is in the process of preparing a proper business plan based on market research.