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In its bid to improvise the status of exports, Ministry of Commerce and Industry is working on a comprehensive business plan based on scientific market research to promote goods and services globally, informed Union Minister for Commerce and Industry, Mr Suresh Prabhu.
Also Read: Suresh Prabhu Reassures Exports Boost
For each of the markets, ministry of commerce is in the process of preparing a proper business plan based on scientific market research. The proper market segmentation need to understand where there is the possibility of penetration of goods and services globally, said Mr Prabhu while inaugurating an ASSOCHAM 5th India Luxury Summit- 2017.
“We are also trying to create a new industrial policy and trying to create new markets of Indian product globally. Also trying to create the demand for all kinds of products”, said commerce and industry minister at an ASSOCHAM Luxury summit.
Luxury items will create the demand at all levels. We must understand that are linkage between affluent societies which also creates demand for all, added Mr. Prabhu.
We need to create a demand of all segments of the society, all levels of developments. Our society must be development aspiration society, said Mr. Prabhu.
‘I have met nearly 40-50 ministers and will meet another 50-60 more ministers in few weeks as we are trying to create the market in Latin America and Russia ...as we are trying to actually talk to all business associations and trying to engage with it’, said Mr. Prabhu.
The products which were never exported before and luxury products can be exported to different markets, said Mr. Prabhu.
Mr. Prabhu also pointed to the Chinese tourist are the highest spending in the world, the demand for luxury products in china is the highest.