Union Minister of Commerce & Industry Suresh Prabhu interacted with the trading houses and exporters in New Delhi and sought their suggestions on formulating a strategy for increasing exports by USD 100 billion in the next few years.
Prabhu stated that he has already held two rounds of discussions with Secretaries of key Ministries for preparing sectoral export strategies.
He said that States are also being consulted for preparing State specific export strategies.
The FIEO was asked to prepare a strategy for increase in exports by USD 100 billion in the short term. EXIM Bank has also submitted its report about market research for exports, he added.
Prabhu urged the exporters to come up with suggestions to further increase exports by another USD 100 billion in short term.
During the interaction, exporters raised concerns about uncertainties in international trade like tariff increases, volatilities in currencies and review of GSP regime by US. Political developments in Iran, Russia and the Middle-East have added to the uncertainties.
Domestically also, cost of credit is showing upward trends, banks are adopting rigid approach in disbursement of credit and liquidity challenges will continue to exist until GST refund process is made fully automatic with minimum human interaction, they viewed.
Exporters suggested for providing branding assistance in existing and new export markets, using Lines of Credit as marketing tool, support for Research & Development, and promoting e-commerce.
Prabhu assured the exporters that Government is fully seized of their concerns and is addressing them in the best interests of the country. He said their suggestions will be incorporated in the comprehensive export strategy to be finalised soon.
In the interaction, a four-pronged strategy prepared by FIEO for increasing exports by USD 100 billion was discussed. FIEO has identified 685 products based on past Indian export performance and global import performance of various products.