Commerce Minister Anand Sharma will meet Finance Minister Pranab Mukherjee later this week to take a decision on stimulus packages for the exporters for the next fiscal, Commerce Secretary Rahul Khullar said Tuesday.
“The finance and commerce ministers are scheduled to meet later this week to decide on extension and withdrawal of stimulus packages for exporters for fiscal 2010—11,” Khullar said at a function organised by industry body Associated Chambers of Commerce and Industry of India (Assocham).
Khullar felt that incentives should be extended to sectors that are still under stress and the stimulus package be withdrawn in those areas in which recovery has happened.
Earlier in the day, Union Minister of State for Commerce and Industry Jyotiraditya Scindia said in Kolkata that his ministry has urged Finance Ministry to continue the export stimulus for some more time until the export sector recovers completely.
Commerce Minister had last month said his ministry would offer Rs.450-500 crore as incentives to exporters till this fiscal-end to push exports of 2,000 products.
India’s exports rose 9 per cent to $14.6 billion (Rs.73,000 crore) in December, up from $13.2 billion (Rs.66,000 crore) in November, when exports rose 18.2 per cent after 13 straight months of decline.
India has a target of achieving $200 billion (Rs.10 trillion) merchandise exports for the next two fiscals.
Khullar, however, was suspicious if India would be able to achieve export proceedings within range of $165-170 billion for 2009-10 but exuded enough confidence that exports for January 2010 could be $14 billion as compared to $14.6 billion in December 2009.