Union Commerce Secretary S. R. Rao urged exporters to be competitive and increase the market share.
He said at an interactive meeting on “Enhancing India’s exports”, organised by the Federation of Indian Export Organisations here on Saturday last, that the country’s share in world trade (goods) was just 1.7 per cent. India exported predominantly to the developed markets (the U.S. and the European Union), he said. These were in financial problems for the last two years, and were coming out of it now. Volatility of the rupee value was worrying and stability in exchange rates would help exports, he pointed out. He later told presspersons that imports had started coming down, especially of precious metals and non-essential imports. The rupee depreciation would further contain imports. Exports were expected to cross the $325 billion this financial year. “In the next couple of months, we can see a better containment of the current account deficit,” he said.
Chairman and Managing Director of Export Credit Guarantee Corporation of India N. Shankar said at the meeting that the corporation planned to come out with three new products — for small exporters, micro exporters and those who have export turnover of Rs.20-100 crore — after getting approval from the Insurance Regulatory and Development Authority. It would also open an overseas office in London soon, he added.