Commerce Industry Minister Suresh Prabhu on Friday asked Export Promotion Councils and industry associations to prepare a vision statement for their product group that would, in turn, help boost output and exports.
In a stakeholders’ consultation on exports, Mr. Prabhu also stressed the importance of export-led growth and the need to enhance competencies and the need to tap into the global value chain to enhance exports. During the meeting, exporters raised Goods and Services Tax-related issues including those leading to working capital blockage.
In the context of the mid-term review of the Foreign Trade Policy, exporters wanted incentives for more products under the Foreign Trade Policy and increase in the interest subsidy rates.
‘Export strategy inputs’
The meeting also provided inputs for a new export strategy focussing on integrating India into the Regional/Global Value Chain, a stable Agri-Export Policy to provide remunerative returns to farmers, focus on high and medium technology sectors for exports, revisiting the focus area (overseas markets) approach and unleashing the potential of services such as tourism, professional services and e-commerce.
The meeting was attended by the Textiles and Information and Broadcasting Minister Smriti Irani, the Minister of State for Commerce and Industry C.R. Chaudhary, and senior government officials.
Federation of Indian Export Organisations (FIEO) president Ganesh Kumar Gupta suggested an export-linked employment Scheme to help job creation and migration of informal workers to formal sectors. He also demanded an annual interaction with the bankers to impress on the pro-active role that they have to play to facilitate country’s exports.
To help small exporters in marketing of their goods, Mr. Gupta suggested opening of display centres in important markets starting with China where a change is required in product profile of exports to address rising trade deficit. He also mooted an annual interaction with Ambassadors of Foreign Missions in India and Indian Missions abroad so that they can enhance the commercial and economic ties between India and its trade partners.
Mr. Prabhu said that there was a need to revisit the export strategy in view of increasing protectionism in markets overseas and high volatility in currencies. Commerce Secretary Rita Teaotia said GST issues are not the reason for delay in bringing out the mid-term review of the FTP. On achieving the target of $900 billion worth goods and services exports by 2020, she said it would be difficult due to global uncertainties.
