Sectoral Export Promotion Strategy reviewed

Suresh Prabhu reviews progress of

Sectoral Export Promotion Strategy

Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, recently reviewed the sectoral export promotion plans prepared by Ministries and Departments of the Government of India. The Commerce Ministry is focusing on nine sectors- gems and jewellery, leather, textile and apparel, engineering, electronics, chemicals and petrochemicals, pharma, agri and allied and marine products - to boost exports.

This was the third inter-ministerial meeting on Sectoral Export Promotion Strategy. The meeting was attended by Commerce Secretary, DG Foreign Trade (DGFT),Secretaries of Textiles and Chemicals and Petrochemicals, other senior officers from Ministries and Departments of Electronics, MSME, Agriculture, Animal Husbandry and Defence Production.

The Commerce Minister appreciated the inter-ministerial teamwork leading to formulation of the current sectoral export strategy. He urged the ministries to work on tapping the opportunities with countries in this region, particularly in South Asia, as there is huge potential to increase India’s exports. He proposed that possible barter arrangements with specific countries may be explored.

The Minister emphasised the need to create more jobs in India with a focus on labour-intensive manufacturing SEZs. He also suggested that the possibility of collaborative exports in partnership with other countries may be explored. Ministries should involve not just the Export Promotion Councils but also the strong regional trade associations to reach out to potential exporters.

Commerce Secretary, Dr. Anup Wadhawan, apprised that discussions are also on to provide priority sector status to export credit, to enhance the volume of credit and for enhancement of allocation for interest subvention scheme and for SEIS and MEIS.

DGFT presented the status report of exports and informed the participants that merchandise exports are up by 16.13% to USD 136.10 billion in April – August 2018-19. Key sectors showing growth in April-August 2018-19 YoY are petroleum products (52.42%), chemicals (35.41%), plastics and linoleum (36.66%) and electronic goods (28.28%).  Services exports are up by 28.74% to USD 85.74 billion. The overall exports have grown by 20.69% in April – August 2018-19 to 221.83 billion (Merchandise and Services combined).