In order to promote India’s outward shipments, Commerce and Industry Minister Suresh Prabhu has urged various ministries such as textiles, MSME and chemicals to work on tapping export opportunities with countries in South Asia, as there is huge potential to increase India’s exports. He noted that his Ministry was focusing on nine sectors - gems and jewellery, leather, textile and apparel, engineering, electronics, chemicals and petrochemicals, pharma, agri and allied and marine products.
The Minister further highlighted the need for exploring barter arrangements with specific countries as well as collaborative exports in partnership with other countries. He also asked the line ministries to adhere to India’s WTO commitments while designing their export promotion policies. Besides, he said that industries which were relocating from China on account of rising labour cost should be invited to invest in India.
Exports are up by 16.13 percent to $136.10 billion in April-August 2018-19. The Directorate General of Foreign Trade (DGFT) has informed that based on the inputs received from Export Promotion Councils, line ministries and other stakeholders, a comprehensive export strategy and action plan has been finalised.