In order to ensure adequate availability of funds to exporters, Commerce and Industry Minister Suresh Prabhu stated that he has taken up the issue of declining credit to exporters with the finance ministry. He added that exports are growing and the ministry is taking steps to further accelerate the growth rate.
He said “One of the main challenges for export is finance. There is a decline in (export) finance, so we have taken up the issue with the finance ministry…I think, the finance minister is also looking into this (as in) how we can improve the credit flow into the export sector”.
Prabhu also said that to boost shipments, exporters should explore new markets including in Africa, Latin America, East Asia, south Asia, and the Middle East. He said logistics sector will play a key role in enhancing the competitiveness of Indian goods in the global markets.
India’s exports have been hovering at around $300 billion since 2011-12. The shipments grew to $303 billion during 2017-18. Besides, promoting exports helps a country to create jobs, boost manufacturing and earn more foreign exchange.