With an aim to boost exports in the current fiscal (FY19), the Commerce ministry is focusing on nine sectors, including pharma, food processing and textiles. In FY19, the ministry is targeting a minimum growth rate of 16% in exports. The nine sectors include Gems and jewellery, textiles, leather, engineering, electronics, defence, pharma, agri and marine products.
In order to push exports, the ministry has suggested several steps including demanding priority sector lending to exporters. Besides, the Defence Ministry sought cooperation of the Commerce Ministry to boost defence exports from Rs 5,000 crore to Rs 35,000 crore in the coming years.
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 $300 billion. During 2017-18, the shipments grew by about 10% to $303 billion.
