Govt focusing on 9 sectors to boost exports; eyes 16% growth in FY18

The Commerce Ministry is focusing on nine sectors, including pharma, food processing and textiles, to boost exports in the current fiscal, an official said.

The ministry is targeting a minimum growth rate of 16 per cent in exports this fiscal.

Commerce and Industry Minister Suresh Prabhu Monday held inter-ministerial consultations with different departments to work on ways to promote the exports from these segments.

"The ministry is targeting nine sectors as part of their strategy to boost exports. The minister held discussions on strategy with line ministries," the official said.

Gems and jewellery, textiles, leather, engineering, electronics, defence, pharma, agri and marine products are the sectors.

To push exports, the ministry has suggested several steps including demanding priority sector lending to exporters.

During the meeting, the Defence Ministry sought cooperation of the Commerce Ministry to boost defence exports from Rs 5,000 crore to Rs 35,000 crore in the coming years.

All other departments and ministries suggested steps to boost overseas shipments.

Ministry of Electronics and IT suggested formulating a strategy to attract companies that are shifting their manufacturing bases from China due to high wages.

The Department of Chemicals stated that they are looking at new countries for exports and raised delay in environmental clearance for agro-chemical sector.

Since 2011-12, India's exports have been hovering at around USD 300 billion. During 2017-18, the shipments grew by about 10 per cent to USD 303 billion.



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel